A key person is anyone whose death or absence due to critical illness could have a detrimental effect on your business’s ability to remain profitable.
It could be someone such as the sales manager whose contacts and relationships with customers ensure that sales stay on target, or it could be someone with a creative or technical skill vital to your business. Alternatively, it could simply be a member of your team who would be difficult to replace.
Often, an individual’s value to the business will be reflected in their remuneration package. This is usually a good indicator when trying to identify the key people within your business.