These two types of insurance are related but aren’t the same product. Business expenses insurance is usually taken out by the owner to protect their business if they’re unable to work. On the other hand, key person insurance is taken out by the business itself to protect the company in the case of the sickness, total or permanent disability or death of key company personnel. It’s frequently paid out as a lump sum and is designed to assist the company with reduced income while a replacement is found or the key person recovers and returns to work.