Your office equipment and inventory are valuable assets, but are they as valuable as your key employees? Consider a top salesperson who is unsurpassed at bringing in revenue or new accounts, or a researcher whose innovative ideas have helped the company flourish. Key employees may be your most valuable resource. Their energy, expertise and dedication can give you an edge over your competition and enable your business to succeed. What would happen if one of your key employees died or became disabled?
Profits could be affected and you might be forced to absorb the high costs associated with recruiting, hiring and training a suitable replacement. You can’t guarantee the continued good health of your employees, but insurance on the lives of your company’s key people can help prevent an unexpected loss from financially harming or even destroying the business that you have built with the help of these valuable employees.
Key person insurance can help protect your business in many ways.
• Provides tax-free funds at the exact time they’re needed
• Helps keep the business running
• Provides funds to help attract, hire and train new employees
• Compensates the business for lost revenues resulting from the death or disability of the key person
• Assures creditors that funds will be available to meet commitments
• Assures existing employees and your customers that the company will have the means to continue