Keeping your business protected should be your number one concern as a business owner especially when your business is brand new. If your business thrives because of a key person in the company key man insurance is detrimental for your company to continue flourishing.
When Apple lost Steve Jobs it was a huge hit to the company. For many businesses, the owner or key employee is crucial to keeping the business afloat. Key man insurance will assure that your company will not sink with the loss of a key employee.
Key man insurance is in essence life insurance for a key employee in the company. The company will act as the beneficiary and pay the premiums of the policy. If something happens and the key contributor is no longer with the company, insurance payoffs can help the process of rebuilding your business.
The purpose of this insurance policy is for a company to survive even after the loss of an irreplaceable employee. The company can use insurance proceeds to pay debts and investors while finding a replacement for the head of the company.
Once you decide that key insurance is what your company needs, discovering the right amount to pay for a premium is the next step. Consider how much money your company would lose if your business has lost a key employee.
Successful business planning means not putting off the protection of the assets of your company. The best time to buy key insurance is now.
HR Solutions & Brokerage can help your company thrive with the skills and technology to draw in and attract key employees and protect your company from unforeseen events. We are an employee benefits consultant in Lakewood, Colorado serving you and your needs. Contact us today to get started with the protection of your small business!