Your business can often feel like having a child. You have birthed it, fostered its growth, and hope for nothing more than to watch it thrive. As the business grows, you may have expanded your team. Generally, if you are paying someone else to perform a role in your business, it’s because they’re either better at it than you, or you simply don’t want to perform that role anymore as you have many other duties to perform.
Most people in your business will perform key roles. But who are the people in your business, whose absence would cause a drop in your revenues?
It could be a key salesperson, product designer, technician, engineer design, and of course yourself. You will likely have key relationships with partners, providers, suppliers, and customers. What is all your Goodwill worth?
Key Person Insurance can replace the lost revenue of a key employee if they cannot come to work either due to injury/illness, or even death.
Replacing lost revenue with Key Person Insurance means that the business can continue to meet its obligations. Paying wages, bill payments, loan repayments, and any other debt repayments. While you await their return to work, recruit and train a replacement, or have your other members of the team step in to pick up the slack.
Every business is unique, which is why The Insurance Basket will take the time to understand your Key Person’s Insurance situation. Some businesses would need revenue replaced for a longer period than others. Some businesses may simply not be able to trade on beyond a certain period, so it’s just about getting through for a time.