Insurance is a means for managing risk. Consumers purchase various types of insurance to protect against the risk of loss. Homeowners pay for home insurance to cover certain types of damage to their home. Drivers are required to have auto insurance to cover damages and injuries that result from an accidental collision. Many people take out life insurance policies to cover their debts or leave behind money to one or more beneficiaries after death. Such life insurance policies prove to be of great benefit to families when a source of income disappears due to sudden death.
Loss of Key Employees
What happens when a business loses an important employee due to death or disability? What protections are in place? Just as personal life insurance covers loss due to death, a company needs key employee life insurance to cover the financial impact of losing key employees to death and injury as per the experts at https://www.sboneinsurance.com. Losing important personnel suddenly can put your organization in dire straits financially and you should be ready with a plan.
Key Employee Life Insurance Coverage
How does key employee life insurance help? Such a policy can offer coverage for:
- Loss of revenue, profit and overhead.
- Recruitment, training and onboarding of replacement staff.
- Death benefits and other compensation to the spouse and/or family of the deceased.
- Efforts to maintain business and provide assurances to clientele, business partners and other stakeholders.
Its better to be ready than be caught without a plan in place. Protect your business with a key employee life insurance policy today.