Key person insurance, also known as key man insurance or key employee insurance, is a type of life insurance policy that a company can use on a key employee or executive. This type of insurance provides financial protection to the company in the event that the key person can no longer work for reasons such as death, chronic sickness, or disability.
This specialised insurance policy is designed to safeguard the financial well-being of a business by providing coverage for the loss of a key individual whose contributions are crucial to the company’s success. This can include covering costs for recruiting and training a replacement, compensating for a decrease in revenue, or reassuring lenders and investors.
By providing a safety net and peace of mind, key person insurance empowers businesses to continue operating smoothly and thriving even during difficult circumstances. Get a quote now by using our quick form.
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