How Can Your Business Stay Strong if a Critical Team Member Faces Disability or Death?
Imagine your business generates $500,000 annually, largely driven by the contributions of one key employee. Now picture that person suddenly unable to work due to illness, injury, or even an untimely passing. The impact can be devastating for:
Replacement costs: Recruiting and training a new employee can cost tens of thousands of dollars and consume valuable time.
Client relationships: Crucial connections generate 40% of a business’s revenue and could be at risk.
Employee morale: Productivity and motivation would likely drop across the team.
Revenue loss: Your overall revenue loss could exceed 50%
The benefits of key person insurance
Key person insurance, also known as key man or key employee insurance, protects your business against the financial risks of losing a vital team member. Here is how:
Key person disability insurance: Covers the disabled employee’s salary and essential business expenses while they are unable to work.
Key person life insurance: Provides financial support to cover hiring and training expenses if a key employee passes away.
Key person critical illness insurance: Offers a lump sum payout if the employee becomes critically ill, covering income and productivity losses.
How it protects your business:
Maintains business continuity: Keep operations stable despite a critical absence.
Helps to secure or repay loans: Use the payout to cover outstanding business debts.
Facilitate buyouts: Ensure funds are available to buy out a partner’s share if needed.
Covers operational expenses: Manage the costs associated with replacing the key person and supporting the business.
How we can help:
At WiseInvest™, we specialize in crafting tailored key person insurance plans, including business continuity insurance, to safeguard your business. We will work with you to:
Protect your operations and ensure financial stability during challenging times.
Assess your business risks.
Choose the right coverage to fit your needs.
Secure Your Business’s Future Today
Don’t let the unexpected disrupt your success. Contact WiseInvest™ to explore key person insurance options that provide financial safety and confidently propel your business forward.
Our Process
UNDERSTANDING YOUR NEEDS
Discovery Phase
We start by listening, getting to know your goals, challenges, and opportunities. This is where we lay the foundation for a strategy that truly fits you.
1
DESIGNING A TAOLORED PLAN
Planning Phase
With a clear picture of your needs, we craft a customized plan designed to grow, protect, and transfer your wealth efficiently.
2
BRINGING THE PLAN TO LIFE
Implementation Phase
We put the strategy into action, ensuring everything is executed smoothly and effectively. We're with you every step of the way.
3
STAYING ON TRACK
Review Phase
Life changes, and so should your plan. We conduct regular reviews to adjust and refine your strategy, keeping you on course toward your financial goals.