Key Person Insurance
Safeguarding your key players
When faced with the unexpected loss of a key figure in your organization, being able to move forward with confidence is critical. Key person insurance allows your business to embrace stability and overcome challenges, so your business remains stable and resilient in times of crisis.
What is Key Person Insurance?
Key person insurance safeguards your business by insuring key individuals within your organization. In the event of a severe injury or loss, it shields you from financial repercussions. You can rely on it to cover the expenses of securing replacements, nurturing client connections, and managing unforeseen costs during pivotal transitions.
Types of coverage
Your business can purchase a policy on the life or health of an important member of the company who is crucial to its success, such as an owner or employee.
There are three types of key person insurance:
Supporting your team
and securing your success
Key person insurance helps to secure the financial future of your business. With exceptional coverage in place, it can protect your company from potential risk, such as:
- Business performance
- Costs to find a suitable replacement for a key person
- Creditors who restrict or withdraw credit
- Loss of business
- Tightened payment terms from suppliers
Your safety net in times of uncertainty.
If a member of your team holds the keys to success, be sure your business can continue to operate – even if they cannot.
Frequently asked questions
Find answers to common questions about key person insurance.
Who is considered a key person?
A key person is anyone whose expertise, relationships, or leadership is essential to your business’s success. This could include owners, senior executives, or highly skilled employees.
Who should consider key person insurance?
Any business with a key person as identified above.
Can I get key person insurance if I own a small business?
Yes, a business of any size can obtain a policy for key person insurance.
Have more questions?
Contact us for more information.