Restoration Insurance: Key Man Life Insurance
The loss of a key person can be a major blow to a small business if that person is the key contact for customers and suppliers and the business's management. Loss of the key person may also make the running of the business less efficient and result in a loss of capital.
Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and cost of insurance needed for a particular business depend on the situation and the key employee's age, health, and role.
Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficiary.
If you would like to find out more about insuring a key employee's life at your restoration company, please contact our office to find out more.