Do you know about key person insurance? It is a form of business insurance that protects your business if you lose a person who is essential to your operation. Here are some situations in which you may strongly consider key person insurance.
Employee Who is Difficult to Replace
If a restaurant loses a dishwasher, it is easy to find another one almost immediately. But what if you are a dental clinic and you lose your most popular dentist to a heart attack?
Often, succession plans are in place for older employees who are nearing retirement age. But what about younger employees who are projected to be there for years to come? If a young employee dies, it can “blindside” an organisation.
Your Superstar Salesman
If a superstar salesman gets bored or receives a better offer, it can devastate a small business.
Decision makers who create policy can be extremely important to a company. They can provide the vision that allows the company to grow and succeed. When they are suddenly taken away, it can cause a company to flounder.
Lenders and Investors
There aren’t many businesses that can run without capital. Many have investors or lenders helping to keep them afloat. If those sources of capital are suddenly gone, it can have severe financial consequences.
Employees With Unique Skills
This is a lot like the “difficult to replace” category. This can be an employee who has unique skills or one who has learned a unique combination of skills and is important to the company’s bottom line.
Call Approved Financial Planners Today
If you are looking for any kind of business insurance or life insurance, call Approved Financial Planners today. We offer a full range of wealth protection products for businesses and individuals. To learn more, call us today: 08 6462 0888.