The sudden loss of a vital employee can disrupt operations, decrease morale, and inflict significant financial strain on any organization. Key person insurance becomes essential, serving as a strategic safeguard to protect a business’s financial stability and continuity in such unforeseen circumstances.
At Torian Insurance, we recognize the critical role key employees play in driving success and innovation. Our specialized key person insurance policies are designed to offer a financial safety net, providing businesses with the resources needed to navigate the challenges of losing a pivotal team member.
With our deep expertise and commitment to personalized service, Torian Insurance stands ready to assess your unique needs and deliver tailored solutions that ensure your business is resilient and prepared for whatever comes next.
Reach out to us to set up a personalized consultation with our experienced advisors. We'll discuss your business's unique needs and identify critical roles that require protection.
Collaborate with our team to tailor a key person insurance policy that aligns with your organizational structure and financial objectives. We'll work with you to determine the appropriate coverage amount and policy details.
Once your policy is in place, we'll guide you through the implementation process and ensure all stakeholders are informed. We also offer periodic reviews to adjust your coverage as your business evolves, ensuring continual protection.
You can rest easy with Torian. As independent Insurance agents, we work for YOU, not the insurance companies! Our expert staff has your best interest at heart which means providing the best coverage.
Key person insurance is a type of life or disability insurance policy that a business purchases on a key employee. The policy is designed to compensate the company for the financial loss that could occur due to the death or extended incapacity of an employee who is critical to the business’s success. This type of insurance provides a financial safety net to cover the potential costs associated with lost revenue, recruiting, and training a replacement, or restructuring the business. The business is typically the beneficiary of the policy and uses the payout to mitigate the impact of losing the key person.
A key person could be an owner, a highly valuable manager, a top salesperson, or any employee whose expertise, leadership, and contributions are critical to the company’s success.
The business pays the premiums and is the beneficiary of the policy. If the insured key employee dies or becomes disabled, the business receives the policy’s proceeds.
The proceeds can be used to cover lost profits, repay outstanding loans, hire interim leadership, train new employees, or for any other expenses that may arise from the loss of the key person.
Generally, the premiums paid for key person insurance are not tax-deductible. However, the proceeds from the policy are typically received tax-free by the business.
The coverage amount can be determined based on the key person’s salary, the revenue they generate, the cost of finding and training a replacement, and the potential business losses that might occur.
Key person insurance is aimed at protecting the business rather than providing personal benefits to heirs, with the business being the policyholder and beneficiary.
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3000 E Division St. Evansville, IN 47711 | Phone: (812) 424-5503 | Contact Us
3000 E Division St.
Evansville, IN 47711
Phone: (812) 424-5503
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