Every company has at least one key person that is integral to them. A key person in business is usually an executive at a company without whom the company would suffer greatly. Protect your business by offering key person insurance. In the event something happens to the key people in your company, the business can cash their key person life insurance policy for funds to replace that key person. It is a way to ensure your company will survive losing someone intricately involved with the business. Malden Solutions provides excellent advising services through financial policies.
What Does Key Person Life Insurance Cover?
If a company has invested in a key person life insurance policy for someone in the company, they are protected from the financial consequences of losing their key person. Accidents happen, and the potential loss of an important figure at your company can cause disruptions to cash flow, losing clients to competitors, and possibly your company’s credit. Key person life insurance includes tax benefits and flexibility in the use of policy cash values that will help your company transition. The next part of this blog will cover some possible ways to replace your key people.
Use Enticing Employee and Executive Benefits
In partnership with your key person life insurance, create policy plans that will keep them around healthier and longer. Employee and executive benefits can include gym memberships, discounts to holistic professionals, and other health-boosting activities. It will also make recruiting a replacement easier if the benefits are already competitive. Promote usage of your executive benefits to your essential personnel to encourage them and spread the word within their social networks that your company has positions to fill.
Hire Our Headhunting Services
Malden Solutions has over 17 years of insurance experience. We protect businesses and people from financial ruin with our thorough policies. We also offer headhunting services. Our staff of knowledgeable professionals can curate executive and employee benefits that will entice potential colleagues. Key person life insurance will help you afford an adequate replacement and ensure your company stays financially afloat through the process.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.