Do you have an employee you truly can’t live without? For example, does “Bob” hold the “secret recipe” to your “special sauce?” Of course this is an over-simplified example, but it brings an important concept to light: anticipating the loss of a truly valuable employee.
If your business is dependent upon the expertise or knowledge of a particular person in your company, you should also consider obtaining “Key Person” protection. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. Remember, key employees aren’t necessarily just the management team. You may have key people you depend on to sell to specific clients, or who have other special skills and duties that no one else in your company currently performs.
Would it be business-as-usual without YOUR “secret recipe” holder? If the answer is no, then contact our office today to find out more about obtaining key employee insurance for your most important asset - your staff.
