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According to the Economic Times, key person insurance is a "sensible" solution for any firms concerned about the negative impact of key professionals' sudden absence.
"Simply put, key person insurance is a corporate-owned life insurance cover on key person/persons in a business – directors, key sales persons, key project managers or any person holding substantial responsibility and contributing significantly to the fortunes of that organisation," explained the financial publication.
When a company invests in a life insurance premium on a key employee, it becomes the beneficiary of the policy if that person dies unexpectedly, making key person insurance invaluable for helping a company survive the blow of losing someone who "makes business happen".
Because of his or her specialised skills, foresight and business acumen, a key person is relied on to bring greater revenues, profits and brand-value to a firm.
Gersten Savage, one of New York's top five independent law firms, recently highlighted that key person insurance is one notable aspect of a growing interest in best practices displayed by business managers.
Quantum Risk Management are leading Health and Safety Consultants
Key person insurance a 'sensible' business choice
Flourishing businesses have been advised on preventing their future prospects being damaged if key workers are injured or leave.According to the Economic Times, key person insurance is a "sensible" solution for any firms concerned about the negative impact of key professionals' sudden absence.
"Simply put, key person insurance is a corporate-owned life insurance cover on key person/persons in a business – directors, key sales persons, key project managers or any person holding substantial responsibility and contributing significantly to the fortunes of that organisation," explained the financial publication.
When a company invests in a life insurance premium on a key employee, it becomes the beneficiary of the policy if that person dies unexpectedly, making key person insurance invaluable for helping a company survive the blow of losing someone who "makes business happen".
Because of his or her specialised skills, foresight and business acumen, a key person is relied on to bring greater revenues, profits and brand-value to a firm.
Gersten Savage, one of New York's top five independent law firms, recently highlighted that key person insurance is one notable aspect of a growing interest in best practices displayed by business managers.
Quantum Risk Management are leading Health and Safety Consultants
Posted on 05/12/2007
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0845 6780076
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