While business owners plan for everything from sales to supply chains many do not take the time to consider the consequences of losing an owner, salesperson or key employee. The loss of this person would have substantial financial loss to the business.
This is where Key Person Insurance comes in play as outlined in the article by Waterfront Financial Group.
Typically the business owns the insurance policy and makes the premium payments. However, the payments are not deductible under Federal IRS guidelines.
As stated in the article:
“For most businesses, their most important asset is their people. Yet, while they insure their other assets—such as buildings and cars—they often overlook the wisdom of doing the same for those individuals who are critical to their success.”
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