Are you an employer who has ever wondered ‘how would we cope without Joanie?’ It is a good question to ask yourself.
You may be the business owner and run a great company that simply would not exist without your hard work and dedication.
But the key word is ‘company’ – you have successfully grown your business so there are several of you, or perhaps you have even grown to become a big enterprise employing lots of people.
And within your workforce, there will be key people who are literally invaluable.
While eventually anyone in your business – including you – can be successfully replaced with good forward planning, recruitment and training, that is not the case in an instant.
Those key employees are worth their weight in gold to the success of your business and your ambitions.
Obviously, if you are a good boss, you will have appropriate incentives in place to ensure they are happy working for you and do not jump ship to a competitor – pay, bonuses, benefits, time off, corporate culture etc.
But what if the worst happens and they become critically ill or even die?
Not only will you be affected on a personal level that someone you are close to professionally is suffering, but hard hearted as it may seem in the heat of the moment, your business is going to feel the loss of that person immediately.
Maybe they were the brains behind your innovations, or the coder who makes your whole IT infrastructure keep working, or they are the top – or even only – salesperson.
With their loss, your business will take a hit – and so will all your other employees as the practical effects of the missing person begin to ripple through your company.
What can you do to mitigate the situation? Get life insurance!
Many companies buy ‘key person insurance’ to cover death or serious illness in people who are essential to the survival of the business.
In the event the worst happens, and your key person does die, the company is the beneficiary of the life insurance policy.
Clearly Joanie can never be replaced as a person and valued colleague – but at least all she did for the company and other staff is not lost with her passing, as the business gains a vital cash injection to help it survive through the time needed to find and train her eventual replacement.
EmVision Capital Advisors can help you explore your options as a business owner and help you find ways that may mitigate the financial impact of the loss of a key person in your team.
One of our experienced professionals at EmVision Capital Advisors will be happy to talk with you about different policies available which may be ideal for your situation.
Call EmVision Capital Advisors today for an appointment with our experienced advisors. Guarantees are based on the claims paying ability of the issuing company.
