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WHAT IS IT?
Companies are able to take out Key Person Coverage on an employee or executive who is considered vital to the continued operation and success of the company to provide a safety net in the event that said employee leaves or is otherwise unable to continue their work with the company.
HOW DOES IT
WORK?
Key Person Coverage provides monetary aid to a company in the event of a sudden loss of the covered person. The death benefit given to the company is aimed at providing the company the money to take the time necessary to find a replacement for the lost party.
WHAT RISKS ARE
COVERED
Depending on the specifics of the policy taken out on an employee, Key Person Coverage can cover insurance against business loans, potential lost profits, shareholder value, and more.
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