Key Person / Employee Insurance

In the event of losing a key employee, the policy provides a financial safety net that can help cover the costs of temporary staff, recruitment, training, and lost income during the transition period.

For businesses that rely on credit, demonstrating that you have Key Person Insurance can reassure lenders and investors about your company’s stability, potentially easing credit terms.

It signals to employees, customers, and partners that your business is prepared for unforeseen challenges, maintaining confidence in your business’s resilience.

Small to Medium Enterprises (SMEs): For smaller businesses, the loss of a key person can be particularly impactful. Tailoring a policy to cover the replacement costs and potential revenue losses is crucial to safeguarding the future of your business.

Large Organizations: Larger entities might require policies for multiple key persons across various departments. Customization can include varying levels of coverage based on the individual’s role in revenue generation and operational continuity.

Incorporating Key Person Insurance into your broader risk management strategy allows for a more robust safeguarding of your business’s operational integrity. Evaluating the specific roles and their impact on your business can help in determining the appropriate coverage level, ensuring that you’re not underinsured or overinsured.

Small business owners are not exempt from the risk of a cyberattack. The loss of customer data is a financial disaster, and with cyber incursions becoming more common, and hitting even the largest companies, from banks to retails to online giants with extensive security, it is well worth ensuring your business has adequate cyber insurance.

If you own a business, you need business insurance. No matter how unconventional your enterprise is, be assured, you have some exposure to risk. The following are unconventional businesses that still need insurance.

No business owner wants to have injured an injured employee. Reducing the risk of accidents and injuries is a critical aspect of good management, in every industry. Employees who have been trained with customized worker safety programs are far less likely to be injured when performing the duties of employment – and file a claim with your workers’ compensation insurance provider. Every claim filed with your insurance provider will lead to increased premium costs, and in some industries, may lead to OSHA fines for violations of workplace safety standards.