Possibly it could be that many companies and business owners do not know what Key Man Insurance is. And how it could benefit them and their businesses. Why don't you share your thoughts about Key Man Insurance with us?
This could be just the thing someone is looking for.
Well it is true that most of the companies are not aware of the role of key man insurance. Who let the company function monetarily even without the presence of its owner. As this is kind of infrastructure is beneficial & secured enough for both the company as well as for the employee. But it would be interesting to watch how useful it would be in the long run.
Having Key Man/Person Insurance can be the difference between your company surviving or not if that person dies or become ill.
- Key Man insurance actually gives your company money to cover a fall in profit or a loss in revenue. This helps you as the owner reduce your worries on where to find money to keep the company trading
- Avoids you reducing your own personal earnings as compensation for the loss of revenue so that you can still pay your personal bills and keep your lifestyle the same.
- Avoids the need to borrow money to keep the company afloat.
- Keeps the employees morale up because they know the company won't go belly up
- Provides the money for recruitment of the right person with the right skills
Hopefully I have enlightened some people on the need for this insurance.
Thank you, longbed11 for your explanation. No doubt this information has been informative and helpful to others.