Kimberly J Brennan Agency Offers Key Personnel Insurance For New York Businesses
When a key person in a company dies, it can often mean severe disruption that threatens the business’s ability to continue. Key personnel insurance, or key person insurance, provides funds for the business when this occurs. At Kimberly J Brennan Agency in Patterson, NY, we help companies find the best commercial insurance coverage to protect their businesses’ needs.
Who Is A Key Person in Your Business?
A key person in a business may be an owner, a partner, someone involved in the essential day-to-day running of the business, or someone with specialized knowledge necessary to the operation of the business. The loss of these people could mean a serious disadvantage to your business in the marketplace, and the loss could even cause a business to fail. Key person insurance is designed to provide funds to defray the cost of this loss so you can hire other personnel to fill the gap while you re-design your company for the changing circumstances.
What Does Key Personnel Insurance Cover?
The key person death benefit money can be used for any aspect of the business, such as training new people, additional costs to keep the business operating, or paying off debts. If it becomes necessary to close the business, the funds can also be used for this purpose, such as for severance pay or paying off investors.
Make Kimberly J Brennan Agency Your Agent For Business Insurance in New York
Suppose you are unsure who a key person in your company is or how key personnel insurance works. In that case, our agents can provide more extensive information to help you decide on this critical coverage. Contact Kimberly J Brennan Agency in Patterson, NY, today for a no-obligation quote on key personnel insurance that can help your business survive in case of an unexpected death.
