Key Person and Rural Key Person Insurance

Written By Kim Manunui

In business, people are often the most valuable asset. When a key individual – such as an owner, director, or senior employee – suddenly becomes unable to work due to illness, injury, or death, the financial impact can be devastating. This is where key person insurance plays a critical role, offering a financial safety net that helps businesses survive and recover.

Key person insurance provides a lump sum or ongoing benefit to the company if an essential staff member is lost. This payout can cover lost revenue, repay debt, recruit and train a replacement, or provide stability during a difficult transition. For many small and medium-sized enterprises, it can mean the difference between continuity and closure.

In rural New Zealand, key person insurance is particularly vital. Farming operations, agricultural contractors, and rural businesses often rely on just one or two individuals who hold generations of expertise or manage daily operations. If the business, farm owner or a senior manager is suddenly unable to work, the business faces not only financial pressure but also practical challenges – who will oversee stock management, planting schedules, machinery use and day to day operations.

Rural key person insurance is tailored to address these unique needs. It recognises that rural businesses may have limited staff and a heavier reliance on specialised knowledge. A policy can provide funds to hire temporary managers, bring in skilled contractors, or cushion cashflow while the business adapts.

Ultimately, key person insurance – both in urban and rural settings – is about resilience. It ensures that when the unexpected happens, businesses have the financial means to keep going. For rural families and communities, it protects livelihoods, land, and legacy.

Businesses of all kinds should regularly review their risk management strategies and ask themselves: could we afford to lose our key person? If not, the answer may lie in insurance.

For more on the above click on the link below

Kim Manunui

Hi, I’m Kim and I work with a great team to help individuals, as well as small and not so small businesses get their message, product and services to the world using digital media and creating wonderful websites that don’t cost the earth.

I was born in Canada, and grew up around Vancouver and the mountains of British Columbia. My love of pristine environments led me to New Zealand and eventually to the mountains, lakes and rivers of the central North Island which is home. My family’s heritage is here, and it’s from here that Korio traverses the planet.

The digital world is never static and neither are we.

And I say ‘we’ because I work with an awesome group of talented people who I gather together as required to complete a project.  Whatever your business, not-for-profit or individual needs are we gather the best team to get the job done.

Collaboratively we are creative, share sustainable values and work hard for great outcomes because that’s the buzz of satisfaction that drives us.

If you have an audience and market to reach, we can make that happen. Creative design, words that work and smart behind the scenes stuff that cuts through the online noise. We’ll design your website and then build it. We’ll manage the content as well as all your hosting needs. We can handle your online advertising so you get noticed,
and we’ll manage your social media presence so you get the clicks, likes and engagement to grow your business. All within the budget you set, because none of this needs to cost the earth.  And the job doesn’t stop when your website goes live. We are your virtual business partner.

https://www.korio.co.nz
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