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Key man insurance is sometimes called key person insurance, key employee insurance, or key executive insurance.

Each and every business in the Denver area whose success is reliant on the work of a single employee, or a small group people should consider obtaining key man insurance. Every business owner knows who their key employees are.

A key man is someone who has important skills essential to the success of a business, or who has a large client base loyal to that individual who might abandon the company if they were no longer there. Key man insurance is tailored to your Denver area business to provide needed cash flow when the key person in the policy cannot work or contribute to the operation of the business.

Loss from Disability

This type of key man insurance addresses the event of disability where the individual in the policy cannot contribute to the operations of the company. The policy gives cash for attracting, training and replacing the employee either temporarily or permanently.

Loss of Profit

If the key employee who dies causes a loss of profit because they can no longer contribute to sales or project management or provide their unique skills or knowledge, or anything that generates profit, the policy would pay out proceeds to offset the loss.

Loss of Credit

To ensure that loans do not go unpaid causing credit to dry up, key man insurance benefits provide for the ability to pay off loans to banks or private institutions.

Benefits of Key Man Life Insurance

When a keyman of the company dies, the business could be thrown into turmoil due to loss of revenue, loss of client relationships, loss of leadership or loss of company morale. Key man life insurance acts as financial brace against these potential difficulties.

Key man insurance generally costs less than a traditional life insurance policy for Colorado business owners. Generally speaking, if a company in Colorado loses its key man, the insurance policy proceeds work to stabilize finances and secure a smooth transition during the period of time of potential instability.

Denver based businesses mitigate these potential problems before they happen with a key man life insurance policy.

Denver business owners should ask other owners who already have a key person insurance policy to see what exact coverage they chose. The amount of coverage and your business structure should also be considered as that will affect rates. Once you choose to purchase a key man life insurance policy after understanding its benefits, it is best to get multiple quotes from an insurance broker so you can get the best rate.

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