Key Man Insurance

Protect Your Business from a Financial Crisis with Key Person Insurance

Does your business highly rely on one person for its success?  Do you have a star player, such as a manager or salesman who knows how to perform better than everyone else?

What would happen to your company if this person was suddenly injured or killed? 

Key Person insurance pays for lost profits, providing time to determine how to get things back on track in the unfortunate event of a loss of a key employee.  

A Hidden Benefit of Key Person Insurance

If your company decides to purchase key person insurance, be aware you can also use it as an employee benefit.  Should that employee get injured and be unable to perform their job, you can take any funds you receive from the insurer and distribute them any way you’d like.  You could pay the employee’s family as a result, giving your star performer even more incentive to stay with you for the long haul.  

There are two ways to determine how much you should buy:

  • Use the common rule of thumb to buy 8-10 times the key person’s salary
  • Determine how much money you would lose if you lost that employee, and purchase that amount

The largest challenge when it comes to key person insurance involves paying a reasonable premium for the amount of desired coverage.  At Core Benefits Group, we help you find the policy that works best for your unique business needs.  Like you, we understand that strong relationships based on trust result in a successful business.  We’ll take the time to talk with you personally, understand your needs, and help you purchase a policy that fits within your budget.  

To receive your FREE key person insurance quote, contact Core Insurance today!