How to keep your business going if you lose a rainmaker
Updated: Sep 11, 2021
Key Person Insurance Planning
As a business owner, you might agree that plenty of time was spent planning the birth of your business and building it into a going concern. Less time is generally devoted to developing business continuation strategies and contingency plans. That's understandable.
Day to day business activities and "what if" questions typically focus on competition, consumers, government regulation, profit margins and the like.
Still some questions should be addressed proactively, like...
What will happen in the event of the death of one of your key employees?
Will that create a cash flow crisis?
What if the key person were YOU?
If you, or one of your key employees were out of the picture due to premature death or disability, would your business productivity suffer? Would your sales numbers suffer? What would happen to employee morale? Would your creditors lose confidence and deny access to needed lines of credit?
Key Employee Insurance provides protection for your organization due to the loss of a key employee as a result of death, disability or departure. It provides the financial cushion to help you recruit and replace those key employees. In addition, it increases retention by providing competitive benefits to reward and retain key employees. Another great benefit of this type of planning as a business owner is that having coverage can help you qualify for SBA loans!
Contact us today by clicking on the link below, to learn more about protecting your business and income from loss, and to start living your Life Capitalized™.
* Please consult your tax and accounting professional/s regarding your specific situation, Arlington Insurance Planning Services LLC does not provide tax advice.
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