Logo Serving All of Texas

Let us help you
Home Page


Facebook Twitter LinkedIn Google+ Blog RSS
Contact Us Get A Quote Testimonials

Man and Woman Business OwnersMany types of businesses rely on individuals or groups of people to make strategic business decisions for their organization. These managers, key people who are critical to the continual operations of the organization, keep the business competitive and profitable. If your business has a similar structure and one or two of your key people could no longer perform their job duties due to death or disability, would your business be responsive enough?

The loss of a key player on your business team often leads to financial loss and the loss of vital information that supports your business strategy. The National Association of Insurance Commissioners conducted research on the subject that indicates that only 22 percent of small businesses have purchased key person insurance.

What is Key Person Insurance?

Key person insurance is a business insurance policy that provides your business with the financial backing it needs to move forward in the event of a loss. Many businesses purchase these policies for their CEOs, CFOs, owners and other individuals who help keep the business financially solvent. 

Key person insurance is a commercial insurance policy in which the business is the beneficiary. The business is responsible for making monthly premium payments and managing the policy. As the beneficiary, the business receives the benefits of the coverage, the insurance payoff, in the event of the key person’s death or disability. 

How Much Key Person Insurance Does Your Business Need?

Since key person insurance coverage exists to help you sustain your business in the event of a loss, you need enough coverage to ensure that your business can remain operational after the loss. The coverage amount you should purchase must fit in your budget, but it must also be enough money to make the business whole, which is substantially more than the key person’s salary. A review of long-term financial obligations is a start in helping you determine the amount of insurance you want to purchase.

Do not allow your business to be among the 78 percent of businesses that are currently ill-prepared for the loss of a key person. By purchasing a key person insurance policy for your organization, you increase the chances that your business will survive and continue on its current trajectory after the loss of one of your key people.

Protect your business by protecting its people. Call GetAPolicy.com at (903) 268-1026 for more information on Greenville business insurance.

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version
Get An Instant Quote

Refer Referrals
We love referrals! And thank you even more for your continued business.
Policies Customer Service
Self policy service any time of the day, directly from our website.
Newsletter Join Our Newsletter
Stay in touch with the latest events, news and offers we have.

Knowledge and Expertise

About Us 

GetAPolicy.com is a professional, independent agency with the customer in mind. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service.


Our Latest Blogs

Read More Read More Read More
Our Office Connect With Us

Main Office

6305 Wesley Street, Suite 103
Greenville, TX 75402

Serving the DFW Metroplex and All of Texas

Contact Us Today!

PH: 888.748.1930
PH: 972.762.7660
PH: 903.454.1454
FX: 888.902.1936
Your Trusted Advisor
Home Get A Quote Customer Service About Us Contact Powered by Insurance Website Builder