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| Risk Management |
| Key Person and Disabilty Insurance: Insurance options you may not have considered. |
- Doug was a sales representative who had spent over twelve years establishing business contacts and learning the ropes in his industry. When he was killed in an automobile accident, the small company he worked for was sent reeling. It turned out that he was almost irreplaceable.
- Joe, the Vice President of a successful design firm, recently announced his intention to venture into business on his own.
- Another business owner suffered a debilitating stroke. Her antiques business ceased to exist almost overnight.
Purchasing insurance to cover company vehicles or brand new equipment is almost a no-brainer. But many of us fail to insure our most important business assets—our employees—because the risk is so minimal.
“Your greatest asset isn’t your business but rather your ability to create wealth,” says David Burros. “You can lose everything else, and you’ll get it all back again if you have the ability to work.” But if your ability to work, or one of your most-valuable employees’ ability to work is compromised, your company may not hold up under the strain. That is why we so strongly encourage “key person” and disability insurance for our clients.
Chances are slim that you’ll lose an employee to death or disability, but because the odds are in your favor, most policies are surprisingly affordable. You can even structure key person policies to cover your company in the event that a key employee leaves to pursue other opportunities.
A member of our Risk Management team can help you understand the benefits of “key person” and disability insurance, then recommend a plan of action to make sure you’re covered. Please call today to set up a consultation.
Source: Tristam, Claire. “For Good Measure” and “For Your Health.” Entrepreneur.
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