Business owners, executives, and other key employees spend considerable time and effort to acquire the knowledge, experience, judgment, reputation, relationships, and skills that make them valuable to the business. If they were to die, the business loses a key member of the management team and this can have a severe financial impact. In this scenario, corporate life insurance can protect your business.
The effect of this situation can be considerably reduced if the business has purchased an insurance policy on the life of the business owner, executive, and/or key employees.
If one of your business partners dies, then life insurance proceeds give the business working capital to meet immediate cash needs and provide a source of funds for finding, attracting, hiring and training a replacement for the deceased person or to hire interim management.
At Thor, we believe in providing you a corporate life insurance policy that fits your needs. We have multiple risk management plans and other resources that can help you prepare for this type of situation. Please click the resources below to learn more.