Caring is Key.
After 4 years of daily conversations with business owners and their team leads, one truth stands out about above all. Caring is the key to creating long lasting leadership impact.
Building an organization or business that outlasts our own individual contributions takes a team. We must build WITH other people FOR the sake of other people. What do I mean by that? WE MUST SERVE OTHERS.
The people that catch your business vision and grow inspired by your leadership are key to the success of your business. With years of experience being developed by your leadership, these individuals become KEY to the success of your business. When developed with care, they transform into company super heroes in their own right, developing teams, products and processes that depend on them. They are often crucial to the expansion of the business.
So what happens when they pass away unexpectedly? How can you protect the business from destruction or decline?
If a key person in a business can't work anymore because they have passed or become disabled for some other reason, it can be tough for the business to keep going strong. The good news is, there is insurance for that.
"Key Man" insurance helps businesses be prepared for these unexpected situations. Having a backup plan in case one of the key people are no longer able to be part of the team, is what wise and caring leaders do to ensure the other people in the business will continue to have work even after key people aren’t around to produce. I am here to help you with that!
How Does it Work?
When a business buys "Key Man" insurance, they pay a little bit of money into an insurance policy. In return, the insurance company promises to give the business money if one of their key people can't work anymore. This money can help the business stay afloat while they find a replacement or help the key person get better.
Who Needs "Key Man" Insurance?
Not all businesses need "Key Man" insurance. It's most important for businesses where one or a few people are really, really important to the company's success. For example, if your family owns a restaurant, and your grandma is the cook in town, she might be a "key person." If something happened to her, it could be tough to replicate her recipes if she was no longer around.
"Key Man" insurance is like a safety net for businesses, making sure they can keep going even if something unexpected happens to their most important people. Businesses have "Key Man" insurance to protect their key people and keep the business running smoothly.
It’s never exciting to talk about death, but the best way to protect your loved ones is to be prepared for it. Let’s connect today to discuss options for your family and the future of your business.