Are you an employer that is fearful of an employee quitting, leaving your business in jeopardy? If this is the case, then this specific employee is considered a “key person” and there is a type of insurance that will help support your business in this instance. Generally, the key person in a given business is the owner or high ranking employees, it is essential to have coverage on these people for the sake of the company.

The four categories of loss of key person include the following:

– Key person is incapable of working under their conditions and it is apparate to find a temporary and suitable replacement.
– Remaining business owners are able to buy out lead of the company’s ownership.
– Insurance will be provided to those who help arrange any business loans.
– Profit protection is guaranteed insurance for any unexpected losses.

Who is suitable for key person insurance?

It has been determined that business owners are generally the key person to a company’s success. However, there still is one or two high ranking employees that are crucial to the business’s stability and profitability. A recent study shows that less than 25% of employers have key person insurance for their company. Brazelton Insurance Group highly recommends to talk to your insurance agent to come to a decision with your business to determine if key person insurance is needed in your situation.

For further information on key person insurance and your business, contact our highly skilled insurance agents at Brazelton Insurance Group today.