Which Key Personnel Should Be Under the Keyman Insurance Policy?
Now that you already have an idea about the basics of the Keyman Insurance policy, how should you declare or choose which key personnel should be under this type of a security plan? Here are a few things that you need to consider when choosing the key personnel to list under the Keyman Insurance policy: – Take a look at the list of upper management personnel. It could be a major shareholder whose absence will create a huge impact to the existence of a business. – If there is a member of the upper management team who usually authorizes or guarantees the loan that is taken under the company’s name, you should seriously consider getting a Keyman Insurance policy for that person. – If there is a key member of the company who is under the age of 65, consider the fact that they are far more likely to become disabled, than die an untimely death. – If there is a staff who has a specialized skill or knowledge which is crucial to the company’s operations, consider getting a Keyman Insurance for
