Would your business survive if a key member of staff suddenly passed away? This is probably the worst-case scenario for most, but it is a fact that the sudden death or long-term absence of a vital employee could be destructive for a company's success. This is where Keyman insurance comes in. 1.What is Keyman insurance? Keyman or key person insurance is purchased by a business in order to insure the life of who they consider their most valuable employees.