Key Person Insurance
(Key Men Insurance)
Many companies have important key figures whose efforts, knowledge and talent are crucial to maintaining profitable and productive business operations. These individuals are exceptionally valuable to the company and if something unfortunate happens to any of them, the company will suffer as a result. Key Person Insurance (also sometimes called “Key Man Insurance”) provides financial support for business owners, and/or other designated individuals in the event that death or permanent disability results in the loss of an employee. This policy helps assure that business can continue as planned while you look for a suitable replacement. In addition, it affirms the importance of the talent that the Key Person brings to your business.
Several business benefits are built into your Key Person Insurance policy with Lions & Coventry Insurance Services, such as:
- Coverage that acts as a business asset for enhancing your company’s creditworthiness
- Cash value of the policy that may be available to your business as a loan if needed
- A policy that can be converted to a retirement bonus for the key employee
At Lions & Coventry Insurance Services, our professional and knowledgeable insurance specialists are sensitive to your needs as a business owner and dedicated to providing all of your commercial insurance solutions. Talk to a representative today to learn more about what Key Person Insurance can do for your business.