Key Employee Insurance: The Key to Business Interruption
02/06/12One of the services that Globalex is proud to provide to our clients is Key Employee Insurance or Key Man. This can be either a life, health, or disability policy that your company can take out on key employees, whether your industry is VC/private equity, technology, life sciences, clean technology, entertainment, or nonprofit.
This coverage is useful because it protects organizations from the financial impact that could result should those key employees become ill, disabled, or die. This coverage can prove vital if there are a few employees that are the life-blood of your business and without them the company would struggle. Employees that this insurance is taken out on generally have special skills, training, management style, or significant attributes.
The loss of a key employee could have a significant impact on your business’s operations, and the financial risk is something you should consider. Key employee insurance generally covers the cost of training or hiring a new employee and all the other losses that incur as a result of the absence of the insured. Having this coverage could keep your business operating and profitable during a startling transition period.
Talk with an insurance professional at Globalex for more information on Key Employee Insurance. We will help you determine if this coverage is right for you and how best to implement it in your business operations.
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