Prestizia Insurance Blog
Running a business means facing different kinds of challenges every day. You need money and skills, among other things, to keep your business running. But, did you know that to keep your business successful and always in operation for a long time is to have succession planning? In other words, you need key person insurance.
What Is Key Person Insurance?
Basically, it is buying life insurance for the key person of your company. It is your employee who helps protect and run your business. Without that person, your company would sink any time. You can buy coverage for the key person of your business to make your company survive in the event that the said individual dies or takes a lengthy absence due to an illness.
With key person insurance, your business receives benefits in case the key employee becomes disabled or dies. The cash value from the coverage will give you time to get back on track again, as your business recovers from the death of the key person.
Types of Business Life Insurance
Aside from the key person insurance, the following are other forms of business life insurance to help keep your business grow, succeed, and survive.
Do You Need Succession Plan?
Many business owners neglect until it becomes too late. A succession plan helps with the balance sheet of the company. It helps make your business to continue your legacy, even after your passing.
Key person insurance, in particular, not just help your business for the long term, it is also a way to retain the best employees you have in your company. If you are concerned about the survival of your business, key person insurance may just be the solution you are looking for.
So, call your insurance agent and talk about life insurance plan for your business and your top employees. At Prestizia Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (855) 436-6353. Get your free quote today by CLICKING HERE.