Key Person Insurance

Employees are a company’s most valuable asset, and some possess unique skills or certifications essential for operations, leadership, or compliance. The absence of these key individuals can lead to significant losses in market share, profits, and competitive advantage, potentially jeopardizing the company’s existence. To address this risk, the insurance market offers key person insurance, which compensates the company for losses incurred due to the unavailability of such critical personnel. While it functions similarly to life insurance, the beneficiary is typically the company, providing financial support during challenging transitions.