As a business owner or board member of a company, you know that working hard on a day-to-day basis to take care of your business is just one facet, but planning for those unfortunate situations that may happen in the future can be devastating if you aren’t prepared. For example, would your business be prepared if one of your key people dies unexpectedly? Key man (or key person) life insurance will provide coverage in a situation like this. So, what is key man life insurance? It is designed to give business owners the peace of mind knowing that if something does happen to one of their key players, they will have the resources to continue business operations without major disruption.
Key Man Insurance Holds the Key to the Future of Your Business
Every business has either one key person, or maybe several key people, that contribute the greatest to the success of the business, either by generating most of the profits or having a specialized skill that would be hard to replace should something happen to that person(s). If there is no key man insurance on that person(s) and a death or disability ensues, your business could suffer greatly by losing substantial revenue, client base, and ultimately the potential of having to close your doors.
Key man life insurance is purchased from the business owner on a significant employee as a non-taxable expense and thus would be the beneficiary should the insurance kick in upon the death or incapacitation of the key man. There are different kinds of key man insurance that your N.C. independent insurance agent can discuss with you.
Call Your N.C. Independent Insurance Agent TODAY
Your independent insurance agent can help you decide whether to purchase a key man life insurance policy or key person disability insurance. Both kinds of insurance are extremely valuable, can be custom built to your business needs, and can help ensure continuity of your business should death, partial disability or permanent disabilities occur. As you can imagine, death and/or disabilities can be costly and devastating to your business while purchasing this type of insurance can provide peace of mind for a nominal amount of money.