In a small business, you are the business. You hold the relationships, make the calls, keep the whole thing moving. So here's the uncomfortable question: if something happened to you tomorrow, what happens to everything you built?
Most owners put this off, not because they don't care, but because nobody ever explained it in plain English. Let's fix that.
Key person insurance is simply life insurance the business buys on the person it can't afford to lose. The company pays for it, and the company receives the payout. If the worst happens, the business gets breathing room: time to hire, time to regroup, money to cover debts and take care of people, instead of closing the doors in a panic.
Who's the key person? Usually you, the owner. Sometimes it's also the person who runs the day to day or holds the big client relationships. If their absence would sink the company, that's your answer.
This isn't about being gloomy. It's about being a builder. You protect the job site while you work it. Protecting the business itself is the same instinct, just pointed at the future.
If you want to talk through what protection looks like for your business, start here: What We Do.
And since a protected business still needs customers walking through the door, start at the beginning: 5 Website Mistakes That Are Quietly Costing You Customers
Insurance products are offered through Primerica by Maren Robinson, a licensed Primerica representative. This article is educational and is not financial, tax, or legal advice.
