Key Man Insurance: What It Is and How It Can Save Your Company
As a business owner, we put a lot of time and effort in making a substantial investment in our employees. In such scenarios, it is crucial to insure the position of an employee that is invaluable to the unhindered running of the business. Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Let us understand what it is and how it can save your company. What is Key Man Insurance? Key Man Insurance policy , also known as Key Person Insurance, is a type of life assurance policy that a firm can buy to ensure financial security from a loss that can occur due to the loss of a critical person in the company. It is becoming popular among small businesses, nowadays, as it decreases the financial burden of losing an employee and delivers the efficient functioning of their operations. According to a recent National Association of Insurance Commissioners (NAIC) survey, about two-thirds of businesses with fewer than 500...