Key employee insurance. Do you have an employee that just seems to do every thing right? She is there in the office by 7 a.m.
After driving in heavy traffic for an hour. Everything about your business seems to be second nature to her. Before you hired her your business was surviving but not really making much money.
She is with you just a few short years and business is just soaring. The other employees respect her even though some don’t like her. She quits for the day late at night.
You and your family can take a short vacation without worrying about how things are going at the office. This person is a key employee in the truest sense of the word. You need to put some key employee insurance on her…don’t you?
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Key Employee Insurance – Life And Disability Insurance
You pay her well but you know that if she went to work for one of your competitors your business could could lose money. I have seen this happen and on one occasion the company went out of business.
Every smart employer has to be aware of what could happen to their business if they lost such an employee. The normal thing to do is to give that employee a capable assistant…or understudy but that is usually not enough.
What you need to do is to look out for your company’s interest as well as the interest of your key employee.
- Protecting The Business
In order to secure your company against the risk of loss you need to protect it with key employee insurance…life and disability insurance.
You should purchase key employee life and disability insurance that would be sufficient to provide an income equal to the salary of this employee for 5 years…both life and disability insurance.
It may take you a while to recover so you should also estimate possible losses over that 5 year period in case a suitable replacement is not found.
You should buy an additional life insurance policy on that employees life for that amount…
If that employee should become disabled the company would be paid the amount the employee is covered for…during her disability. - Protecting The Employee
Some company executives seem to have a lack of foresight…they don’t consider the welfare of the employee. They feel they pay her a good salary and that is sufficient.
That salary had better be much larger than any other company is willing to pay as word has a way of spreading among people in similar types of business.
A competitor could steal your well trained and capable employee from you without a second thought…
A key employee insurance plan that would provide for the family of this employee in the event of death or disability would surely be appreciated by this employee. She may even feel indebted to you as a result…
In addition to the key employee insurance plan you could make it even better for her by adding a health insurance policy and may be even a pension and profit sharing plan.
Any of the key employee life insurance plans can be contributory or non-contributory. In other words you can have the employee make a financial contribution to them through salary or you can pay for it all yourself.
Talk to your accountant or attorney about the tax advantages.
I sincerely recommend that you give comprehensive key employee insurance some thought…it could be quite comforting to you as well as your employee and very profitable to you.
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