Zoho Bookings & SalesIQ Alignment

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Key Person Insurance

Meaning: 

Key Person Insurance refers to insurance taken out by a business to protect itself from financial loss caused by the death or disability of a key employee, such as a CEO,
founder, partner, or top manager.

Importance:

I t prevents business disruption by providing funds to help the company continue operating smoothly.
This insurance offers financial stability during challenging times.


How to understand Key Person Insurance :

It is crucial f or businesses, especially those that rely heavily on one or two key individuals.
The insurance payout helps cover costs and losses that arise from the key person's absence.

Types of Key Person Insurance:  

Life Insurance:
Covers the financial loss due to the death of the key person.

Disability Insurance:
Provides financial support if the key person becomes unable to work due to a disability.


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