There are key personnel for every business, they are important for success of the business. Every business is different so, key personnel can be sales director, specialist craftsman, or others. Business may get damage or loss because of the absence of the staff. Generally, it happens when large part of the business depends on personnel.
Key person Insurance: One or two nominated individuals are covered by key person protection, such individuals can be partners or employees. The lump sum will be paid by insurance company if such personnel dies or if they are with critical illness. Some amount of money is paid on death or after diagnosis of a disease. If such personnel are absent for work for long time then a regular income can be paid by some of the policies.
Unforeseen events: Business may get some problems if a business partner dies. There may be loss because of this reason and some unforeseen events can be caused by this. In some cases, it may lead to crises, revenues can be reduced, some times it may lead to business collapse.
Protect your business: Insurance businesses designed business protection to protect your business in these types of circumstances. The benefits which you need can be selected and you can modify them with some additional features like waiver of premium at the time of incapacity, the choice of fixed or renewable terms.
The individual people which you select in your policy or policies, are covered by business protection.
The benefits of the this policy:
- Provides money for permanent or temporary replacement.
- Contribution to medical care to recover speedily.
- Repay an outstanding loan.
So in this way, your business can be protected by this policy in case of absence of the key employee in the business.