If you have a partner in business, you have a need for insurance so that in the event of death or disability, you can buy out your partner’s interest without having to take out a loan or liquidate company assets. This is also important where children and taxes are involved.
Key Person / Employee Insurance
Key person (employee) insurance is a particular type of life insurance policy taken out by a company on one of their employees, in which the company is the beneficiary in the case of that employee’s untimely demise.
Key person insurance is a relatively new insurance coverage, but has attracted much praise and is encouraged by many strategic advisors. Life insurance is basically a system by which a fixed amount of money is paid to a beneficiary in the event that the person being covered dies.
Saleme Insurance Services offers free, comparative quotes on business continuation insurance from multiple insurance carriers so you can get the best possible rate.
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