In his article concerning Key Person Insurance, Chris Ireland of advisor.ca discusses the importance of protecting a company should a key person pass away unexpectedly.
Key Person Insurance compensates a company for financial losses arising from the death or incapacity of a valued member of the business. Coverage should entail the following:
1. A short term cash infusion to compensate for lost revenue, or to pay off debts and liabilities.
2. Recruiting, hiring and training a replacement.
3. Providing financial support to the key person’s family.
If you run a small business, you owe it to your partners, coworkers and family to find an insurance package that addresses this important issue.
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