Key Person Insurance - Business Owned Insurance
Key person insurance is also commonly called keyman insurance, business owned insurance, and corporate owned insurance. It is life insurance taken out by a business to compensate the business and its owners, for financial losses that would result from the death of a highly valuable member of the business. The insured person may be an owner, a manager, a business development person, or someone with unique knowledge or skills that would be difficult to replace. Key person life insurance is commonly purchased by law firms, accounting firms, engineering firms, and other profitable businesses. Every year businesses fail because they have failed to acquire key person insurance. Please call us for a quote.