Key Man Insurance coverage offers your business protection in the unfortunate event that a key employee suffers death or extended disability. When an employee is so important to your company that their loss could significantly damage your business in the long term, it is important that you protect your interests. When putting together a business insurance package, you should always include Key Man coverage. It provides you with coverage for financial losses that would be directly tied to the loss of a necessary employee.
The importance of Key Man insurance coverage is magnified if your company offers professional services and some of your employees cannot be quickly replaced for a number of reasons. Whether you are not able to replace them for legal or ethical considerations, such as in a medical office or a law firm, or because their talent would be hard to replace, you need to make sure that your business is protected for any and all eventualities.
In many instances, a business would be in significant trouble with the loss of just one individual. If your company is in a similar situation, it is critical that you not leave your business’s future well-being at risk. Key Man or key person coverage can provide you with the financial assistance necessary to keep your company afloat in the unfortunate event that you lose an essential employee. That help can give you enough time to find a suitable replacement and get back to business as usual.
Contact Carlisle Insurance Agency today to find out whether a Key Man insurance policy is appropriate for your business model.