SWAIN CONSULTING
513.818.1753 ext. 4
Providing comprehensive financial services for businesses and entrepreneurs
Business Continuaton
Key Person Insurance
One of the most often used application of insurance is to provide various benefits to the key person of the business A key person insurance pan can be easily set up to provide a death-benefit-only plan or a nonqualified deferred compensation plan. A key person insurance plan can also provide a benefit to the business by ensuring the value of the key person or persons, as a human asset. The business must protect against the negative economic impact that the loss of such a person can have on the continued operations, customer relationship, and creditworthiness of the business.
Generally, a key person is an employee whose death before retirement would have an adverse economic effect on the business. Such an adverse effect can be a loss of profits, the loss of credit standing, or the extra expense of hiring a capable replacement.
Contact us today to discuss how a Key Person Insurance plan can give your business peace of mind.
