Key Person Insurance
Any company can take out key person insurance on one of their employees. If that employee passes away or is unable to work, the company will receive a benefit from the key person policy.
Key person insurance (previously known as keyman insurance) is used by a business to insure itself against the loss of key personnel including owners or high-level employees who are integral to the success and profitability of the company.
Possible costs of losing a key person: