MAINTAIN STABILITY WHEN YOU NEED IT MOSTKey Person Insurance
Key Person Insurance Helps Recover Losses Due to Unexpected Events
No matter the size of your business, the loss of a pivotal member of your team can be devastating. Key person insurance can help you maintain your business if faced with a sudden absence. Only 22% of small businesses have key person insurance policies. Our advisors will help you choose the right plans for the right people to protect your business.
How can Key Person Insurance Help?
Key person insurance provides financial support so your business can continue should you suffer the loss of someone on whom you greatly depend. There are no requirements to name someone a key person because the needs of every business are different. A key person may be an employee that manages your staff, someone that has provided you great intellectual property, a business partner, or you, the owner.
Unexpected Death or Trauma of Key Employees:
Key person insurance policies are not only designed to help you in the event of a death in your business. Depending on your market, the prolonged loss of certain members of your team can be as damaging as losing them forever. Key person insurance is designed to help you get through the tough times, whatever shape they take.
Raise Loans on the Policy:
Many lenders today require key person insurance before they will grant your business a loan. In certain cases, simply having key person insurance can make it easier for you to raise capital for your business. Just as you want to protect your company from loss, banks want to have the peace of mind that comes with knowing their investment is safe.
Taxes are one of the last things you want to worry about in a time of loss. Key person insurance keeps things simple. As your business will be the beneficiary of any policy, premiums are generally not tax deductible but any payouts made are free from federal tax, letting you focus on getting your business through a difficult time.