What is keyman insurance

Question

Accepted Answer

Keyman insurance is a policy taken out by a business to protect against financial losses that may arise from the death or incapacity of a key employee.

Keyman insurance is also known as key person insurance or key employee insurance.
The policy is owned by the business, which pays the premiums and is the beneficiary in case of a claim.
The purpose of keyman insurance is to provide financial protection to the business in the event of the loss of a key employee who is crucial to the company's success.
The coverage amount is typically based on the key employee's contribution to the business and the potential financial impact of their absence.
Keyman insurance can help cover expenses such as recruiting and training a replacement, loss of profits, or paying off debts.
Examples of key employees who may be covered by keyman insurance include founders, top executives, or employees with specialized skills that are critical to the business.

Accepted Answer

Keyman customer important person

What is keyman insurance

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