If you work with business clients, you know that many have at least one “key employee.” These individuals provide a vital service, fill an important role, and/or help generate income for the business. In turn, if that employee were to become ill or disabled, it would be difficult for the owner(s) to fill the shoes or find a replacement.
- A manufacturing company that has a key foreman or machinist, whose loss would be detrimental to the company,
- A key salesperson whose relationships with certain accounts are vital to the survival of the business,
- A small sales team whose administrator provides all of the operational, client management, and back-end support,
- A CFO, CIO, or other C-Suite executive of a larger corporation.
The loss or absence of any of these key employees due to a disability or illness, even in the short term, could result in a financial loss to the business!
In order to help protect the business, Key Person Disability Insurance exists to provide the financial resources to keep the business moving and find a replacement if necessary.
- Key Person Insurance can provide the means to Recruit, Hire, and Train a replacement, and/or offset a portion of the financial loss.
- The employer is the Applicant, Owner, Payor, and Beneficiary of the policy, provided that the employee agrees to be insured.
- Premiums are not deductible to the company; however, the benefits are tax free.
At Insurance Specialties Inc., we are here to help you design and implement the most comprehensive and competitive plan based on the carrier strength, occupation, health, and goal of your client.
It is our advanced knowledge and understanding that drives us forward. Let us share our expertise with you!