Talent risk insurance is an extension of key person insurance, a common practice amongst many businesses. Existing life or disability insurance policies cover risk of life or critical illness of key employees, and, in the event of the death or disability of a covered key person, the policy pays out a benefit to the business. This financial support can be used to address various needs, such as recruiting and training a replacement, compensating for missed business opportunities, stabilising operations, and facilitating the transition to a new employee. While key person insurance traditionally safeguards high-ranking executives and directors, it can be extended to cover a broader range of employees whose unique talents are equally vital to the organisation.