You are a key employee of a firm if your special skills, experiences, and contribution to the success of the business you are working for make that business noticeably dependent on your continuing presence and contribution. Nobody is absolutely irreplaceable, of course, but key employees are at least very hard and costly to replace.
Your special role gives you some clout when negotiating salary and other conditions of employment, ... you may even be a future partner in or owner of the whole business. In other words, your interests and ambitions can be much more aligned with that of the business than is the case with employees in general. It is advantageous for both you and your employer to be aware of certain relevant business insurance applications. These may help you and your family, and at the same time the business itself, in case something bad (injury, illness, death) happens to you or your employer, and you have to be replaced, or if a situation arises when you could/should take over perhaps the whole business.
You are involved in these arrangements, thus obviously you should know about them. You might also want to draw your employer's attention to these issues, in case they are unaware of or careless about them on their own.
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