Key Person Insurance: How It Works
In the event of the death of a key colleague, key person insurance can help keep your business afloat. Here’s what to consider.
No one wants to consider the death of a colleague. But if such a tragedy could lead to your company’s demise, then key person insurance is a worthwhile precaution. It is life insurance on specific people in a business and is beneficial when a company’s survival relies heavily on the role of one or two people.
Some small business owners don’t understand that they need key person insurance, in addition to life and disability insurance, because it’s designed to protect the business.. If your company employs more than one person, review the basics below to determine whether it makes sense for you:
Who is insured?
Typically, key person insurance covers the owner, the founders or one or two key employees.
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Key Person Insurance: How It Works
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