Protecting Your Business’s Future with Key Person Life Insurance

Every business has essential team members whose contributions are invaluable. A key person policy is a life insurance policy specifically designed to protect your business in the event that one of these critical individuals passes away. Key person life insurance safeguards your company’s continuity and stability. 

Your business is both the owner and beneficiary of a key person policy, meaning that if something happens to the insured individual, the business receives the proceeds. This financial cushion is available to cover immediate expenses, replace lost income, and even support the hiring of a replacement, giving you time to reorganize without a major disruption to your operations. 

Key person life insurance is especially beneficial for small businesses and partnerships where one or two people hold essential knowledge, relationships, or skills. It’s an investment in your business’s resilience, ensuring that an unexpected loss doesn’t derail everything you’ve worked hard to build. 

Stephanie Ehman, CIC, CPRM, CISP, CPSR, is a risk consultant at Knight Insurance Group.  

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