Key Person Protector

Key Person Protector insurance safeguards your business by providing financial support in the event of a critical employee’s death or disability, ensuring continuity and stability.

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Protect Your Business Against the Loss of a Key Contributor

If a key member of your team was to become totally disabled, your bottom line may suffer in the short-term and over the long-term you may have to find a replacement.

Because key employees have unique knowledge and skills, replacement can often be difficult, timely and expensive.

You may have to pay a recruiter to find someone with suitable skills. One or more areas of your business may have to be put on hold, both during the search and while you train a replacement. Even if you are able to promote someone internally, you may still lose revenue while the replacement gets up to speed.

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What is Key Person Protection Insurance?

Key man protection insurance is placed on an individual within a business whose role is vital to the operation and bottom line of the company. If a disability causes the insured worker to be unable to come into work, the insurance policy can cover some or all of the costs of recruitment, retraining, and lost revenue due to the disability of the insured.

Key Person Insurance

How is key person insurance calculated?

The simplest and most common method used to determine the value of a key executive or business owner is the multiples of income method. Insurance companies typically base the amount of key person insurance needed on a multiple of five to seven times the employee’s current salary compensation and benefits.
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