Key Man Insurance
Key Man Insurance
Key Man Insurance Quotes Online
Key man insurance is a critical kind of business insurance cover necessary where there are key individuals in a business, vital to a company’s success. Key man insurance provides financial protection to a business should a key employee or director die or require long term absence from the business. Defining a “key man” usually means someone who is integral to the success of the business and without whom it would struggle to operate properly.
There are many businesses reliant on key individuals for a large part of their profits. The health of the business can be significantly damaged should the worst happen and they pass away or be out of the business for a considerable time. With Key Man Insurance, you can keep the financial impact of any key man’s absence to a minimum.
Why Invest in Key Man Insurance?
Key man insurance helps ensure a business can stay afloat and function should a key individual no longer be part of the business. It enables the business to handle any loans taken out by the key person and also allows the remaining partners and shareholders to buy the key person’s share without needing to find their own capital. Key man insurance can even be used to help with the costs of recruiting and training a replacement for the individual. Many businesses also overlook the reputational benefits of key man insurance. It shows your staff, customers and potential investors that you are prudent and prepared for every circumstance.
How does Key Man Insurance Work?
Key man insurance is essentially a life insurance policy taken out to cover someone in the business. It is owned and paid for by the company or company owner and any pay out made would come to the same individual or to the company as a whole.
Key Man Insurance with Just Quote Me
Just Quote Me has experience working with businesses of many backgrounds and this includes those looking for Key Man insurance. We use our expertise in business insurance to discuss your individual needs and work out the best quotes and options for your company. Key man insurance has become vital for many businesses and avoids any confusion or difficulty should the worst happen and a key individual no longer be part of the business.
Please get in touch with Just Quote Me today to discuss your business and whether key man insurance would be a good investment for your company.