This plan insures your business, not an individual.
A keyman is a crucial employee in the business whose expertise and knowledge help lead the company into future overall and financial success. Losing such a keyperson could hinder the workflow and strategic future of the business.
The absence of such a person could also lead to a decline in profit margins, product reach, and overall business growth, among others.
Not every business may have the same ‘keyman’!
The ‘keyman’ for every business or industry varies based on the nature of the business. For a manufacturing unit, the loss of a skilled employee may be tough on the business whereas, for a corporate, a CEO may be the rime asset.
With keyman insurance, the business is covered in case of any unfortunate incident to the key persons involved. Here, a lump sum amount will be paid in accordance with the policy to the company.
As the business is the beneficiary of this insurance, the premiums and benefits will also be made from the business account. In some cases, the remaining partner will receive a cash sum equal to the value of the deceased or disabled partner’s share.
If all of this seems to make your head spin, don’t panic. Connect with Rafiya today and she’ll help you safeguard your business and ensure your legacy continues to thrive under any and every circumstance.