People are one of the biggest assets that companies can have and sometimes there is one particular person that is essential to the success and profit of the organisation. This particular person has a unique set of skills and experience and they cannot easily be replaced. If this key person passes away or suffers an injury or illness that leaves them unable to work, this can have a significant effect on the business.
This is why many businesses choose to hold Key Person insurance. This type of insurance will protect your business against any financial consequences that can arise from the loss of directors, executives or other key staff. When these key people are protected, this means that all employees and the business as a whole will be secured.
This also applies to small businesses, where you might be the owner and operator. In many small businesses, the company is incredibly dependant on one person. If you have your own small business, have you thought about what would happen to it if you were to pass away?
Key Person Insurance provides funds for the business, which gives it time to react and compensate for the absence of the key person.
Although the process of choosing a Key Person Insurance policy can be confusing, don’t put off the decision. You have worked hard to build your business and you don’t want all of your hard work to disappear because of a lack of planning. You also don’t want to burden your employees or your estate with the challenge of saving the business. This is why it is so important to find the right Key Person Insurance policy for your needs.
This is where Taylor Brunswick can help you. We will take the time to get to know you and your business so that we have an in depth understanding of your needs. Then, we will help you to make the best choice that fits with the goals and needs of your business.
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