Life is full of uncertainty, and when something beyond your control goes wrong, your business and its employees shouldn’t have to pay the price. If something happens to the most important people managing your business, will your business keep running and thriving? Keyman assurance is a specific kind of life insurance that can provide compensation to a company in the event that a key employee dies or is seriously injured. It is commonly taken out on the life of an owner, a top executive, or another individual considered critical to the continued success of the business.
Keyman assurance offers a range of benefits to your business, including:
Financial protection:
By insuring key individuals within your company, you can provide a financial safety net for the business by ensuring continuity and stability even in the event of a loss of a key person.
Business continuity:
Keyman insurance can help maintain operations during the transition period after losing a key individual, preventing disruptions and potential financial loss.
Attracting investors:
Demonstrates to investors that your business has measures in place to mitigate risks associated with losing key personnel, enhancing investor confidence.
Employee assurance:
Reassures employees that the business is prepared for unexpected losses, fostering a sense of security and stability within the workforce.
Protecting profits:
For example, offset lost income from lost sales or losses resulting from the delay or cancellation of any business project involving a key person.
