Key Person Insurance For Small Business
Key person insurance overview.
Key person insurance for small business. Lenders may consider calling a loan if a key person in a business dies. The company is the beneficiary of the plan and pays the insurance policy premiums. So let s say you have a top salesperson who s making you a lot of money.
With this type of insurance coverage the business may survive the absence of the owner or continue on when a key employee dies. If an insured employee or owner were to pass away or become disabled and unable to work the benefits payable from a key person life or disability insurance plan could help you. If you are starting with a small business your focus is likely to be on pressing matters such as getting your product or service out hiring the right people managing your expenses and paying the bills.
If that happens the insurance would help pay off any balance. Any business large or small may need key person key man insurance. During the time immediately following an unexpected loss key person insurance will kick in to help cover expenses while the business regroups.
Key person life insurance. Read up on on how key person insurance might benefit your business and learn whether it s tax deductible. Key person insurance policies for small businesses.
For example a small business owner may choose to take out a policy on himself and make the business the beneficiary. Key person insurance is a life insurance for businesses. Benefits of key person insurance.
Key person insurance helps your business recover from the loss or disability of someone who is invaluable to your company. This means that the business must face a risk of a substantial financial loss if the key person dies. A key person insurance policy can also be used as a guarantee for business loans.
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