If you are a business owner, it is important to make sure you protect the most valuable asset you have… YOU!!
If something was to happen to you, could your business survive?
Key person insurance is life insurance for a key person in your business. In small businesses, this tends to be the owner or possibly a key employee or two. These people are crucial to the business and without them, the company may go under.
By insuring these people, you are protecting your business financially. The lump sum received may help with hiring someone else, or you may want to use it to supplement the loss of income for a period of time whilst you get your business back on its tracks.