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Key person insurance is life and/or disability insurance owned by a business on a key employee. The business pays the premiums and is the beneficiary of the policy. It is considered a risk management strategy, important for small businesses, when the loss of a key person could result in a catastrophic loss for the business.
If you are a small business, you should consider taking out a policy on the owner, founders/partners, and/or key executives in the company. How do you know if someone is considered “key”? Ask yourself, can the business survive without this person? If it can’t or there would be detrimental effects to the company, then you should consider purchasing key person insurance.
We can help you decide how much coverage is right and the type of coverage that you should apply for. Please contact us today for quotes. https://go.oncehub.com/KennethFahmy