Commercial insurance is essential to protect your company and its employees if you own a small business. Many small business owners have questions about the types of insurance they need and how much insurance to purchase. If you’re a business owner in the Follansbee, WV area, our Mutual Insurance Partners team looks forward to meeting you and working with your team. We’ve been serving businesses in your area since 2015.

What is Key Man Insurance?

Many small businesses procure a Key Man insurance policy to safeguard their assets. According to InsureOn, a Key Man insurance policy pays a death benefit when a designated person passes away. Key Man policies are typically taken out for a company’s founders or its chief executive.

According to InsureOn, in addition to purchasing a Key Man policy for the chief executive, such policies may also be procured for an associate whose specialized skill set is vital to the operation of the business (such as the leading chef of a restaurant). Depending on the terms of the Key Man policy, the same policy may also provide payment if the insured individual is too ill or otherwise unable to fulfill their role at the company. The same website reports that the intention of the policy is to provide funds to prevent the company from going bankrupt due to the loss of the insured individual.

Contact Us Today for Your Appointment

You’ll need several types of insurance to protect the assets you work so hard for. Businesses in the Follansbee, WV, area can rely on the guidance they receive from our team at Mutual Insurance Partners. Each team member is dedicated to providing education and supporting your business needs. Call us today, and let’s discuss insurance.