In every business, there is one person that tends to hold everything together, whether it is the owner or the founder or a key employee. Like every one else in the business, their future is uncertain, and whether or not they may face an accident or even death is unknown to them. That is why we are offering Key Man Insurance to help businesses from the loss of a crucial employee.
Key Man Insurance is essentially a life insurance policy that helps a company stay afloat and survive after losing a crucial person in the business that may have been the one to maintain essential tasks within the company. With this insurance, it can give a company more options other than filing for bankruptcy. How this works is the company interested purchases a life insurance policy on the crucial employee. The company pays the premiums and becomes the beneficiary of the policy. If the unexpected happens and the crucial employee passes away, then the company would be the one to receive the insurance payoff.
With Key Man Insurance, the money given to the company in the time of a crucial employee’s death can be used for finding a replacement person. In addition, the money could also be used to keep to company afloat to ensure a successful transition from one leader or key employee to another.
At All 9 Insurance, we have multiple insurance policies for businesses that can help protect their assets, and as always we strive to protect what matters most. If your business is in Haddonfield NJ or the surrounding area and you would like a free business insurance consultation please complete the contact form on the right.
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