What is Key Person Insurance?
Key person insurance provides the safety and security for your business. A small business relies too much on the one important person who dons the multiple hats that your business needs. It could be you, your co-founder or any other key personality in your business. The key person is not only an integral part of your business but also inalienable. Key person is the irreplaceable person who forms the cornerstone of your business.
Key person insurance as the name suggests, insures the life of the key person in your business. If an unfortunate event happens and the business loses the key person, then the insurance pays for your business until the time you find a suitable replacement for your business.
Why Your Business Needs Key Person Insurance
Small businesses rely too much on one person or a few people who form and perform a large part of the value chain. When an unfortunate incident happens and you lose the key person of your business, your business ceases to function. When you avail the right key person insurance, it secures your business and protects your business from financial loss, provides for the expenses and helps you to find the right replacement for your business.
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Advantages of Getting Key Person Insurance
- Key person insurance protects your business from unfortunate incidents.
- It helps your business to meet the expenses.
- Key person insurance acts as guarantee for your future loans or for the loans that your business gets.
- It protects the valuation of your business.
- Key person insurance has also shown to improve the morale of the person and leads to better productivity in the work.
How I Can Help You
As an experienced business consultant and financial advisor, I've helped many organizations & individuals to create wealth. You too can achieve your financial goals.