Key Person Insurance
Coverage for Key Employees in Miami FL, Los Angeles CA and Throughout the U.S.
All employees are crucial for a business, but some positions hold more authority and critical information or responsibilities. Losing one of these employees can be devastating, especially if the employee passes away unexpectedly. However, there is a way to protect your business and other employees in case one of these key people unexpectedly passes.
The agents at ESG Insurance Solutions are dedicated to helping businesses across the U.S. find and tailor key person insurance fit for their business and their employees. We build genuine relationships with each client through hard work and honesty, helping you identify your company’s risks and protect against them.
What Does Key Person Insurance Cover?
Key person insurance is a type of life insurance where the business is named as a beneficiary on the policy. If a key person at your company passes away unexpectedly, key person insurance will compensate the company for expenses relating to filling the position or adjusting business strategies to make up for the loss.
This insurance has many names, including “key man insurance,” “key woman insurance” and “business life insurance.” It covers the sudden death or incapacitation of one of your key employees, such as an executive, owner or founder. If a key employee is no longer able to work, even if they are still alive, benefits can still be paid to the company.
How Does Key Person Insurance Work?
The company is responsible for purchasing key person insurance and paying monthly or annual premiums. As long as the policy is active, the company’s top executives are covered under this life insurance. If they pass away, compensation will be paid to the company for recovery costs.
Insure Your Key Employees Today
While we can hope for the best, it is important to plan for the worst. Get key person insurance from ESG Insurance Solutions by calling (917) 603-2365 or fill out an online quote form to get started today.
How Much Key Person Insurance Do I Need?
Every business’ needs are different. Ideally, you should have enough key person insurance to cover the employee’s position, such as how much it would cost to hire a new employee in that same position. Speak with an insurance agent about finding the right insurance policy today.
How Much Does Key Person Insurance Cost?
The cost of key person insurance varies depending on the type of policy, coverage limits, location and more. Fill out an to find out how much you can save on key person insurance today.
How is Key Person Insurance Taxed?
Key person insurance is not generally tax deductible, so premiums must be paid with after-tax dollars. If your key person insurance premiums are considered part of an employee’s taxable income, however, you may be able to deduct them.