Key Person Protection
Most businesses have at least one key person who keeps the ship on course. This individual is essential to the company’s operations, making it nearly impossible to imagine the engine humming without them. The key person may be a founder, manager, or even a critical employee — anyone whose departure would seriously compromise the future success of the company. Unfortunately, the unexpected can happen, and businesses need a way to protect themselves in the event of a key person’s premature death.
Key person protection offers a solution to help businesses cover their costs in these instances. This type of business insurance is like securing life insurance for businesses. It covers operating costs to provide businesses with the time and resources they need to recruit, train, and replace the lost key individual. Getting a quote for key person protection safeguards the future of businesses, particularly those that require certain individuals to continue operating.
How We Can Help
At Doeren Mayhew, we are proud to offer business owners in Troy, Birmingham, Bloomfield Hills, and Franklin key person protection and customized insurance solutions. We’re passionate about helping businesses secure their longevity and financial futures. Our experienced insurance brokers can deliver the guidance you need to help protect your business when a key person departs.
Call us at (248) 290-0650 to discuss key person protection or contact us to request a quote.
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An Introduction to Key Person Insurance
Successful businesses often have a key person whose skills and experience are critical to the organization’s long-term financial stability. This key person may be the founder/co-founder, director, or in any number of positions that are central to operating the business. In the event of their departure or premature death, it’s important to safeguard your company’s financial health.
