Key Person Insurance
Key person insurance insures an employer against the death or incapacitation of a key employee, such as an executive, partner, principal shareholder or highly successful salesperson. Key person insurance is relevant to both large companies and small partnerships.
In a large company an employer may take out a Key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. This insurance offsets the costs and losses which the employer may suffer in the event of the loss of a key person.
Small partnerships use Key person insurance to protect each partner in the event that a partner unexpectedly suffers a major illness, injury or death. In the event the other partner or partners would need to purchase the shares in the business from the family of the deceased.
If you would like to discuss or find out more about key person insurance please contact one of our Advisers or email email@example.com
Read more about Protecting Your Business and Employees
Protect Your Key People
Protect Your Business Expenses
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