Protecting the people that run your business can protect your assets. Key people are those individuals that make your business work. Someone who is considerably vital to the company & not easily replaceable because of their knowledge of how your company runs & their unique skills. What would happen to your business if a key person suddenly dies? Any business, especially a small business, may experience extreme hardship & loss of profits if a key person needs to quickly be replaced.
Your company can purchase and pay the premium for a life insurance policy that covers a key person. It may be a partner, director, an IT specialist, or any key personnel whose loss would create a financial strain to the company. The life insurance proceeds can cover expenses in the interim & provides an option other than immediate bankruptcy. It can provide funds necessary to re-structure, pay severance to employees, distribute funds to investors, & keep the business running until a suitable replacement is secured.
Contact our office for more options & information about this important coverage.