Small Business Insurance: Protect Your Company While Managing Costs (5 of 5)

8. Key Person Insurance

Some businesses rely heavily on one or two individuals for leadership, specialized skills, or client relationships. Key person insurance provides financial assistance if such a critical person dies or becomes disabled, giving the company resources to recruit, train, or transition responsibilities without immediate financial collapse. Especially beneficial for startups or family-run operations, this coverage serves as a complement to small business health insurance by addressing the sudden loss of people whose knowledge or reputation keeps the company competitive and stable.