Group Income Protection Insurance, also known as Group Salary Continuance Insurance, is an essential risk mitigation strategy for employers. It ensures that you can meet your legal obligations and avo …
If something were to happen to one of your business’ partners, executives or key employees, what would be the business impact?
If you own a business, there is undoubtedly at least one person, if not a few, who are critical to its successful operation. Key Person Insurance can protect your business against loss should something happen to one of them unexpectedly.
Do I need Key Person Insurance?
If one of your business’ key people were to suddenly become injured or die, would the business lose considerable income in the short term? Perhaps you have a founder who is strongly identified with the company’s success or a top salesperson who brings in the lion’s share of annual revenue? If so, you need Key Person Insurance. It can compensate the business for loss incurred and allow time for the business to rebuild.
What can Key Person Insurance cover?
Key Person Insurance covers loss to your business that occurs as the result of a prolonged absence or even death of a key person in the business.
Other things to consider
In the case of loss of a valuable employee, Key Person Insurance will compensate you with a fixed monetary sum, which is stated in your insurance policy.