Do you need Key Person Life Insurance at your business? Let’s start with a quick story to help you understand Key Person Life Insurance.
At a restaurant in Los Angeles, they had an Information Technology Assistant who helped with all the computer systems. She was great at her job and was the only one who knew about the computer systems at this restaurant.
Unfortunately, she unexpectedly passed away. The restaurant began to suffer immediately. No one knew how to solve technical issues or access the accounts they needed. She was the only one who knew all the passwords and where to find them. It will take a lot of time and money to recover these accounts and find someone else who will take over her job.
If the restaurant had Key Person Life Insurance, it would have protection against the financial loss that may result from that person’s death. In addition, the policy provides a death benefit paid to the business if the key person dies, which can help the business cover the costs of losing a valuable employee or executive.
Contact us today at SOGO Insurance for a quote on Key Person Life Insurance!