What Is Key Man Insurance?
Key man insurance might not be a phrase that you hear very often, but that doesn’t mean that it is a service you don’t need. In fact there is a large number businesses that could benefit from key man insurance, if they only knew that it was something that they could sign up for.
So – What Is Key Man Insurance?
Key man insurance is known by a number of names including key person protection or key person insurance. It is an insurance that can help to protect any business against a death by one of their key business names. It can also help if a key person in the business is diagnosed with a critical illness during the term of their insurance. It can also have a clause to pay out if the person has been diagnosed as terminally ill, if you sign up to the right policy.
Protecting your business against such a big risk is a great step forward in helping to secure the stable running of your business model. Of course no one wants to think about someone passing away, but do you honestly what would happen to your business should the worst happen? This type of policy helps to protect the business and make sure that the right person can receive a pay out to keep things running as smooth as possible. If you have worked hard to build your business then it can be reassuring to know that your hard work will not go to waste just because you are no longer around.
If you have worked hard to build up your business then it stands to reason that you are going to want to make sure that the running of it is as smooth as possible. The death of a key person within a business can have a massive effect on the day to day business running, increased workloads and even causing a dent in profits. By signing up for a key man insurance policy you can help to make sure that this is not something that you and your business need to worry about.