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.