Keyman Life Insurance Policies To Protect Your Business
Who Needs A Keyman Policy?
Talk to our agent if you are looking for affordable life insurance policies to protect your business in Texas.
Why Get A Keyman Policy?
What Is A Keyman Policy In Spring TX?
A keyman policy is a business insurance policy that protects your business in case of sudden or unforeseen death of one of its key members. It is one way to help protect your business against financial crisis due to loss of a key man. The amount payable under a Key Person Insurance Policy will depend on factors such as the contribution made by an employee and their employer, tenure with your company, age and other personal details etc.
When Do I Need To Update My Policy Coverage?
The key man life insurance is a business insurance that every company should consider. If your company relies on one individual as an essential part of your team, you want to protect yourself against a financial crisis. You could have some coverage in place already, but you need to make sure it covers all possible scenarios. You’ll know when you need coverage by examining what happens if a key employee passes away or leaves. Without key person insurance, there may be gaps in your business’s continuity plan.
Update your keyman policy if;
Important Keyman Life Insurance Policies
The loss of a key employee or business owner, or so-called keyman can be catastrophic to your company. A keyman life insurance policy (or what some call key person insurance) protects your business by replacing lost income and covering expenses in the event of death or disability. These policies are also called keyman business insurance when they specifically cover the death of the owners of a small business, as opposed to just the workers.