Business owner’s often have the factory and equipment insured. Many business owners fail to insure the most important asset in the business which is Key Person or Key Man risk. Without the business owner or other key staff, the business may fail and be worth nothing.
Business Risk otherwise known as Key Man or Key Person insurance is a pivotal part of any business continuity and insurance plan.
What does Key Man insurance or Key Person insurance provide? It provides funds to help the business maintain stability, profitability should a key person within the business suffer a an illness, total or & permanent disability or premature death.
Essentially the business buys insurance on the key person and the business is the beneficiary of the policy. This allows the business to recruit a new person with the necessary skill set to ensure the business continues in a similar manner.
Many businesses insurer financial shortfall due to an insured event through business interruption, however, they do not consider the effect on the business should something happen to a key person.
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