A Reminder to Update Your Key Persons Business Insurance

A Reminder to Update Your Key Persons Business Insurance
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The Jones Insurance Agency has today made public a reminder of an often overlooked reason life insurance for Business owners is important.
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Business life insurance for key persons can be the critical protection needed and is something often overlooked in planning a new or growing business.
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The need for this reminder came about after seeing situations where a business started years ago, the partners worked hard and their business grew.
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Then, unexpectedly, one of the partners passed away and they did not have adequate coverage which left the business in disarray.
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The purpose of key person insurance and a succession plan is to help the company survive the blow of losing the person who makes the business work.
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For this coverage, a company purchases a life insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy.
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In the event of death, the company receives the payoff. No two businesses are the same and each industry, has its own set of risks and insurance needs
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Bill Jones, founder of The Jones Insurance Agency says, “My team can help you determine the right amount and explain the differences in coverage.”
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It’s easy to put off important tasks like scheduling equipment maintenance, updating software, and reviewing your policies. It may hurt you though.
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The Jones Insurance Agency got it’s start in Garden City, MI 45 years ago. Schedule an appointment to review your coverage and comparison shop.
Contact Us At: BillJones2@Allstate.com or call (734) 427-7500 now.