Key Person Insurance
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What We Do
Businesses rely on the knowledge and skills of all their employees. Certain employees, however, may play a greater role in the business or have special abilities that can make it more difficult to replace them in the event of their untimely death.
Oftentimes, a key employee usually cannot be replaced immediately; in some cases, the search, screening and hiring process can take a considerable amount of time. Once the replacement is hired, there can also be a trial period and the time needed for training.
During this period, many businesses can incur substantial losses as a result of the Key Person no longer being involved in the business. This financial loss to the business can be measured by the cost of replacement, training and the lost productivity during this period of time.
One of the ways that some businesses mitigate this risk is by purchasing Key Person life insurance. A Key Person life insurance policy is owned by the company (insuring the life of their key employee) and helps to protect the company from this loss of a Key Employee.
If you are a business owner who has Key Employees that are critical your business operation and you would like to discuss Key Person Insurance, then we encourage you to stop by our office at 2908 Professional Pkwy in Augusta, Georgia, or by giving us a call at: (706) 922-3590.