It can be argued that people are the greatest asset of a business. The key employees, such as rainmakers, are largely responsible for the ongoing profitability, sustainability, and growth of a business. The loss of a Key-Person would be considered a high-risk situation for any business, whether large or small. Key-Person Insurance provides compensation for the financial losses that would arise from the death or extended incapacity of an important member of the business.
People are a big part of any business --- in some cases they are the lifeblood of the business or even those who are absolute rainmakers!
What is it?
Who would be considered a Key Person?
This is best described as someone whose absence, whether through death or disability, would have a considerable impact on the future livelihood of the business.
Why do you want it?
The loss of a Key-Person can have devastating effects on a business. You do not want to be in the position where you not insured for this risk. Protect the dreams you have built.
The loss of a Key-Person can have various negative outcomes for the business. You could face:
- a direct loss due to a decrease in sales;
- the high cost of replacing a skilled employee; and
- the potential sales losses during this training time.
Do you need it?
If you have your own business, you should consider getting coverage. Is the risk of losing the business worth not having protection?
How much does it cost?
The cost will vary depending on your situation, but it is a cost effective and simple solution to provide financial security and certainty for your businesses in situations where the services of key personnel are lost through disability or death.
How can we help you?
Contact us to find out how we can protect your business and the people who are important to its success.