If an employee crucial to the function of your business becomes disabled, would day-to-day activity continue as usual or would disorder and uncertainty ensue? Would you be able to maintain the same level of business expectations and revenue stream? How will you cover for the financial loss of the employee or pay for a temporary replacement during his or her recovery? Key person disability insurance could help you answer these questions with confidence. It is designed to provide financial stability in a time of stress and anxiety due to the sudden loss of an important employee.

Who Needs Key Person Disability Coverage?

  • Employees who would be extremely difficult, time-consuming or expensive to replace
  • Highly skilled employees with unique training
  • Employees with exclusive ties to key clients, like sports stars
  • Narrow profit margins where a staff loss would mean financial trouble
  • Need to protect their revenue stream from loss (ex: hospitals protecting against the loss of a high-earning, respected surgeon)
  • Would be devastated if a high revenue-producing client became disabled and unable to perform

Key Person Disability vs. Key Person Life

When most business leaders think of purchasing key person coverage, they turn to life insurance. However, industry leaders point out that the chance of losing a key person to disability is 17 times greater than losing a key person to death, and the costs of hiring a recruiter to replace the key person and training him or her for a short period of time could be much more exorbitant than finding a permanent replacement.

Testimonial

"I am a sales professional / manager and always emphasize to the people I train the importance of quick and personable service. I left my last insurance company because they were bought out and the new service was horrible. I've always used a brokerage services because I want to see options and from the moment I contacted Tony & Roya at Neckerman I was certain my search was over. They are a great team, attentive, responsive and professional. I was able to feed in all my info online quick and easy. Inside of a day of shopping my bundled policy needs around I received a numerous competitive options and was able to make the switch immediately. Unfortunately for me we've had to file a few claims and both times they've walked me through the process, again everything was submitted online, quick and easy with great follow up. Very happy with the move, not only will I be staying but I will be referring my clients and customers Neckerman's way as well."

- Dan B.