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Are you a business owner who has an employee who is so valuable to your success that if he/she suddenly passes away could mean the downfall of your company? That person would be your key man (yes, even if it's a woman) and you need to consider purchasing a key man insurance policy for him/her.  Understanding this important insurance is critical for a business that truly depends on the work of their key man.  The following will  help you decide if you need this kind of coverage and what you should look for in the policy.

The key person in many small/medium sized companies could be an owner, a partner, a top agent or salesperson or anyone else who's absence could mean the business sustaining serious financial impact---even bankruptcy!  This insurance is strictly to protect the business and is not a life insurance policy that pays out to the key person or his dependents.  The company is the purchaser of the policy and pays the premiums.  If something were to happen to your key man---either through death or a severe disability--- the policy will cover the costs of transitioning the business to a new employee, pay investors, pay bills or even help the business avoid bankruptcy if it then needs to close.

If your business couldn't make it short term without your key person, you need to seriously consider this important coverage.  Your policy should not only consider if your key man dies but also if he/she is severely disabled which would have the same result on your company. 

Because key man insurance is so important to your business, be sure to call a Johnson & Pohlmann insurance agent who will help you find the best policy for your company's needs.  Having all your eggs in one basket---and in this case so much value in one employee---is never a good idea. Protect your business and call today.  

---ts2