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    1 Reply Latest reply on Jul 28, 2014 9:26 AM by jaynorth

    Key Man Insurance

    longbed11 Adventurer

      I was just talking to a business owner why doesn't he have Key Man Insurance on himself. When he stated he didn't know what that was; I was blown away. The more I talked to him; he began to realize that it will make his company stronger. Why don't companies utilize Key Man Insurance.

        • Re: Key Man Insurance
          Moderator Cath Guide

          Hi longbed11,


          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.



            • Re: Key Man Insurance
              jaynorth Tracker

              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.

            • Re: Key Man Insurance
              longbed11 Adventurer

              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.