The Key Man Insurance, as suggested in the name, is a life insurance policy that a corporation or any other organisation buys to safeguard the life of its top executives. As known, a company invests a lot of time and efforts, growing the employees of its organisation. Under such circumstances, it is a sensible decision for a company to insure the life of its key executives, whose sudden loss might lead to large negative effects on the operations within a company.
In Key Man Insurance policy or Key Person Insurance policy, is a contract where the proposer and the premium payer is the employer. The life of the employee is being insured, but the benefits are reaped by the employer. Anyone with a specialized skill set and whose loss might create a financial strain in the company can be the Key Person, or Key Man. A company holding Key Man Insurance policy gets the sum assured, in case a claim is made, which covers both the cost of hiring a new professional for that position and business losses due to slowdown in profits.
What does Zoom do?
Our Key Man Insurance team at Zoom will make sure that the proposer gets to garner the benefits of the policy to the maximum/ full levels, by enabling you to empower the sustainability and cost effectiveness. Zoom’s team works to ensure financial strength to the company in case of any sudden loss, by coordinating well with the company’s policies, needs, market practice and philosophy. Zoom Insurance Brokers offer solutions to the clients by the following ways:
With growing needs for professionalism in business operations and increasing cost of hiring such professionals, securing the life of key executives is becoming the need of the hour. Be it a small or large business, Key Man Insurance provides for important advantages to all the corporations. Specifically beneficial for businesses where the operations are highly dependent on few individuals.
To override the business journey without hiccups, and ensure continuity, key man insurance policy provides for loss coverage on account of sudden death of the key person in the organisation. Handling debt, recruiting and training new personnel for replacement, liquidation of the company, covering up the loss in sales or losses from cancellation of business projects are all in reach for the company if they are secured with Key Man Policy. The company is reimbursed the value of the insurance coverage, and if needed they are being assisted in closing of the business in an orderly manner.
The low cost and ease in securing this insurance makes it possible for the business to sail on a smooth runway, with a stable financial security.