Does your business include someone whose contribution is vital to the survival of your company? If yes, then key person insurance should be a part of your business continuity and succession plan—especially if you're a small business owner.
If a key member of your team passes away or becomes disabled, your bottom line may suffer in the short-term, and over the long-term, you may have to find a replacement or even shut down your business. However, with the benefits payable from a key person life or disability insurance plan, you could:
- Recruit, hire and train a replacement
- Pay off debt and deal with creditors
- Alleviate lenders' concerns about your company's financial health
- Reassure customers, employees and investors that the business will continue operating
What's more, if you and your family rely on your business as a primary source of income, key person insurance can help ensure that the business will continue to provide a secure financial future.
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