If your business depends on one or two key people, what happens if one of them dies or becomes disabled? Key person insurance provides the financial cushion your company needs to survive the loss.
Key person insurance is a life or disability policy that the business owns on a critical employee. The business pays the premiums and receives the payout, which can cover lost revenue, fund a replacement search, pay off business debts, or distribute to partners.
We evaluate your key person exposure and coordinate coverage with your estate plan and any buy-sell agreements so your business protection strategy works as a single unit.
No one plans to lose their best salesperson or their founding partner. But the businesses that survive these losses are the ones that planned for them before they happened.
If losing one individual would hurt your revenue, your operations, or your client relationships, the answer is yes.
If you are the driving force behind the company, your absence could threaten the entire operation.
When one partner handles key relationships or operations, the surviving partners need protection.
A top salesperson or technical expert who generates outsized revenue is a key person.
Lenders and investors may require key person coverage as a condition of financing.
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