Key Person Insurance Can Prevent Financial Disaster
The financial effect of losing an important member of your business can be extreme. If your company lost key people because of injury, disability or death, there’s a chance that the company could close it’s doors for good. Investing in key- person insurance can keep your company from financial ruin if that employee was suddenly unable to continue to work.
Key-Person Insurance provides specific monetary value, agreed upon when the policy is purchased, for a specific time period or until the employee is no longer in the capacity of a key person.
In the event a key employee dies suddenly or is incapacitated and unable to do their job, this coverage can protect your company, the employee and the employee’s family by providing:
- financial support while the person is recovering from an illness or injury
- closing costs, investor payoffs, and severance pay for employees if your business plans to shut it’s doors after the loss of a key person
- cover costs for temporary staff
- hire and train a replacements
- make up for a temporary loss of profits
Contact the experts at Cobb-Hall Insurance for innovative solutions to your business needs.
Excerpts from 2017 Consumer Agent Portal LLC, All rights reserved