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So, if tomorrow the "indispensable" person hit but a bus or hit a lottery and decided to leave the company with all the knowledge/secret in his/her brain, is that mean the company stop operate?
Based on my experience, I did came across some vendor/contractors that like to inflict fear into customers, that without them, the sky will falls. The vendor purposely did not provide any documentations and make the process as complex as possible for job security purposes. The customers were trapped because the vendor is indispensable.
Indispensable sound like a privileged  I hope that person has a backup and everything he/she do are well documented. If tomorrow he/she decided to leave the company, the successor can take over without any drama.
Bryian Tan
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even if you are "the only one" with some specific knowledge in the entire company or the only main developer of this one huge android/ios/windows application.
Someone can take over.
Always.
Will he/she make mistakes? Sure.
More than you? Sure²
But one day, it's getting even.
Maybe even the entire product will have a bit going-down in quality for some weeks/months/releases. Can happen, yes. But sooner or later, your leave is covered.
I am currently very confident, working in a great team with great people and there is a super-high motivation here. We love what we are doing. And when work starts getting FUN, you are doing more than just "your job".
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Or you can be made a scape-goat.
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As long as I continue to add value to the business, I'm confident that I'll stay employed. Thankfully, I work on a team that understands 'revenue' doesn't necessarily mean 'value', and vice versa.
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Indispensable sounds a little arrogant, cocky even. I'd say I felt confident. I've made many contributions to the team that have added significant value to the business, so yes, I feel confident, but not indispensable 
"There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies. The first method is far more difficult." - C.A.R. Hoare
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Massively confident!
Almost as confident as I was about a horse that I backed on Saturday.
Okay, it came in 20th but it was looking good 'til the race started.
Slogans aren't solutions.
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.. is irreplacable. It's just that replacing different people comes at different costs.
High job security just means letting one go is too expensive in comparison to the benefits.
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Nobody is "indispensable" or "irreplaceable"
After saying that... I think I don't need to worry about my situation for the moment. Projects are already there for the next year and we are getting even more requests...
M.D.V. 
If something has a solution... Why do we have to worry about?. If it has no solution... For what reason do we have to worry about?
Help me to understand what I'm saying, and I'll explain it better to you
Rating helpful answers is nice, but saying thanks can be even nicer.
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Some people "irreplaceable", but this only is valid for a very small amount (like 3%). More than to 2/3 are easy repleacable and some people would deserve a hugh premium if they leave 
Press F1 for help or google it.
Greetings from Germany
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In my previous job my boss and the CEO said "oh, sh*t" when I gave them my resignation letter (new life era as reason to leave).
I thought I was "irreplaceable", all the customers I had went lost for my company.
The contact I still have with some of them, they are still wishing I would have stayed and complaining the next ones they got "my" projects are delivering crap.
but hey... my previous company acquired new customers and my old customers are still producing...
Even Apple is still alive without Steve Jobs
M.D.V.
If something has a solution... Why do we have to worry about?. If it has no solution... For what reason do we have to worry about?
Help me to understand what I'm saying, and I'll explain it better to you
Rating helpful answers is nice, but saying thanks can be even nicer.
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Nelek wrote: Nobody is "indispensable" or "irreplaceable"
Well, an owner of a very small company usually is 
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You can still delegate, train your successor or sell or whatever... But if you are owner, it doesn't somehow fit in the "how secure is your job" question.
M.D.V.
If something has a solution... Why do we have to worry about?. If it has no solution... For what reason do we have to worry about?
Help me to understand what I'm saying, and I'll explain it better to you
Rating helpful answers is nice, but saying thanks can be even nicer.
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