What happens to the business when the person it depends on is gone.
Key person cover pays the business when an owner or essential employee dies or becomes disabled. Buy-sell funding gives the surviving owners the money to buy that share.
Tell us the situation.
A licensed human replies the same business day — not an auto-responder, and not five producers calling at once. We shop it across our carriers and tell you if the policy you already have is the right one.
We use this to quote and service your insurance, and we do not sell it or pass it to lead networks. Privacy policy.
What key person businesses actually need.
Key person
A benefit paid to the business on the death or disability of someone it depends on.
Without it — Revenue tied to one relationship or one skill disappears with no cash to bridge it.
Buy-sell funding
The money to buy a deceased owner’s share, under an agreement written in advance.
Without it — The surviving owners find themselves in business with an estate that wants to be paid out.
Loan cover
Repayment of business debt personally guaranteed by an owner.
Without it — A lender calls a guaranteed loan at the worst possible moment.
Where key person shows up.
- Contractor
Where one person holds the licence the company operates under, their death is a licensing emergency as much as a personal loss.
- Long Haul Trucking
On a small authority the owner is the company — the driver, the dispatcher and the person the bank lent against.
What key person operators ask us.
Is a buy-sell agreement the same as the insurance?
No, and both are needed. The agreement is the legal document setting out who buys, at what price and on what terms. The insurance is where the money comes from. An agreement with no funding behind it obliges people to buy a share they cannot afford, which is how well-drafted agreements still end in a forced sale.