Could your business carry on if something traumatic happened to a key staff member?
Or could it mean disruption to other staff, missed opportunities, failure to meet project delivery deadlines, lost revenue and increased costs?
Business owners are often so busy they don’t stop to consider the true cost of losing a key employee, business partner or even themselves.
Ultimately, the very future of your business could rest on the shoulders of just a few key people.
It’s a daunting prospect but Key Person Insurance can help protect the future of your business in the event of a tragic death or disablement.
It can be used with Buy/Sell Life Insurance (also known as Business Succession Insurance) which covers the change of ownership if an owner dies or become incapacitated.
Often a cash injection to an affected business can keep a bad situation from becoming worse or even catastrophic.
The proceeds from a Key Person Insurance claim could be used to:
- Minimise or eliminate the potential loss of revenue, sales or profits
- Help cover the often significant costs of finding or training a replacement
- Service or repay any debts that are called in
- Cover the impact of write down in the goodwill of the business
- Provide needed liquidity
- Help keep staff and maintain essential supplier relationships.
If you would like to know more about Key Person Insurance, phone us at MGIB.