What would the impact on your business be if a senior executive suffered a critical illness or premature death?
Businesses are built on hard work, talent, ideas and relationships with clients, suppliers, and other members of your team, usually founders, owners, and other top executives. So, if such a pivotal person were to meet with tragedy, not only would it be devastating on a personal level, but your business could suffer a substantial loss of income and/or incur considerable expenses simply to stay the course.
The loss of a key person could lead to losing an important client. It could also mean the loss of irreplaceable knowledge, skills and/or expertise, like their ability to motivate and inspire. It could mean the loss of other employees whose loyalty to the company was primarily loyalty to the key person. Their loss could even prompt lenders to reconsider their loans.
That’s why so many owners protect their businesses with Key Person Insurance.
What can Key Person Insurance do for your business?
A Key Person insurance policy reimburses your business for the loss of income due to the absence of an owner or top executive who is critically important to the company’s success.
If you’re a key person in your organization, you need to protect the future viability of your business for your partners and/or family by having your company purchase a Key Person insurance policy for you.
- What would the impact on your business be if a key executive or shareholder with special skills, experience, reputation, or customer relationships suffered an unexpected illness, permanent disability, or premature death?
- How would you ease the concerns of key lenders about the financial health of your company following the death of an important executive? Could their loss jeopardize any of your existing loan agreements and/or repayment terms?
- What if your CFO were diagnosed with a terminal illness? How long would it take and what would it cost to recruit, hire, and train a suitable replacement? Would you have to pay above-market compensation to find a replacement capable of doing everything your CFO did?
- What would it cost in terms of lost productivity or revenue from the time of the tragedy to the point when their replacement is performing at the same level as the key person they are replacing?
The cost of losing a key person is almost incalculable, and you never know the full cost until after the fact.
Let us help you determine who the key people are in your organization and craft a solution to protect your business if tragedy strikes.
Mark has been my trusted insurance advisor since 2007. During that period of time, he has reached out several times a year to provide proactive advice and suggestions. Mark and his team have always been responsive to any needs and any questions that I have had. It is reassuring to know that Mark is on top of things and is taking care of my insurance needs.