Every business has its ‘key’ person – the person who keeps things running smoothly and can be known as the brains behind the operation. If this key person were to suffer an untimely death, where would that leave the business? Without important key man insurance in place at the time of the loss, it could leave the business in financial ruins.
You can think of key man insurance, or often referred to as key person insurance, as a business life insurance policy. If the key person does pass away, the key man insurance policy pays out a sum of money to the business to help it get back on its feet in the absence of this key person.
Losses covered under key man insurance may include when the key person is unable to work for an extended period of time and the company has to recruit and train a replacement or when the business loses income because of project cancellations due to the loss of the key person. There are also several coverages that can be added to a key man insurance policy involving the shareholders and partners interests in the company and business loans.
At H & H Insurance Professionals, one of our licensed commercial agents will take the time to assess the business’s needs and figure out which key man insurance policy will be most efficient and effective at the time of a loss. If you’re interested in learning more about Key Man Insurance or obtaining a FREE and ACCURATE quote, give H & H Insurance Professionals a call today at 407-859-0074 or CLICK HERE!