Like many smart business owners you’ve insured your assets from theft or damage.
What would happen if you or one of your key people died prematurely or suffered a life-threatening illness?
You probably don’t have to look far to identify people essential to your company’s success.
These are people with:
- Proven ability to grow sales
- Highly specialized technical skills
- Personal relationships with valued customers
- Responsibility for major projects
Whether it’s a valued employee, a business partner or yourself, each key person brings energy and expertise that can be difficult and costly to replace.
How would losing a key person impact your business financially?
Consider the effects of a key person’s critical illness or premature death.
- Could it affect your short-term or long-term profits?
- How much will it cost to replace the key person?
- Recruiting $ ?
- Training $ ?
- Relocation $ ?
- Will creditors shorten payment terms or call in loans?
Insurance on you and your key people can help prevent an unexpected loss from financially harming – even destroying – the business you’ve worked so hard to build.
Key Person Protection – It’s Simply Good Business
Two proven building blocks for key person protection are life insurance and critical insurance.
Your business can use the insurance funds to:
- Pay debts and expenses to help keep operations running
- Find and train a suitable replacement
- Increase cash flow to compensate for lost revenue
- Assure creditors and suppliers that funds are available to meet commitments
- Show customers that the business has the means to continue
Determine the value of your key people
Ask me how you can implement key person protection as part of your business plan. 519-860-4223