When Do You Need Key Person Insurance?
Properly insuring your business involves investing in a number of coverages. You need to be covered for various liability issues, your inventory, workman's compensation, and various other potential problems. Another policy you should consider is key person insurance. These policies protect your business if a person vital to your company's success dies, an unfortunate and yet common occurrence. Provisions A key person insurance policy is essentially a life insurance policy on an employee that pays out to the company in case of the employee's death.