Businesses often recognize the need to insure tangible assets like equipments and buildings. However, these may not be the most important assets in the company. The key people in your organization are your greatest strengths and the most valuable assets.
The cost of losing a key employee can impact many areas of business including drop in confidence among investors and creditors, loss in profits or expenses to hire & train a replacement. Protecting your company from the loss of key persons is important to the company’s continued success.
To mitigate this risk, the organization can effect Keyman Insurance on the life of a Key person, such that even when the Key person passes away, the business is provided with enough liquidity to keep the business running or buy the stakes of the key person or pass on the compensation to the nominees of the key person.
Know more about Keyman Insurance from your Relationship Manager today.
