Sometimes owning a company that has a team can be rewarding when others share your vision. If you rely on a staff member to do things you couldn't operate without, protection is necessary. Kentucky business coverage will have a policy called key person insurance that can help.

Fortunately, a Kentucky independent insurance agent works with several highly rated markets, giving you the best options. Your coverage can be shopped with dozens of carriers, all for free. Connect with a local expert to get started in minutes. 

What Is Key Person Insurance?

When you have employees, some are so valuable to the success of your business that you wouldn't know what to do without them. Check out what Kentucky key person coverage has to offer:

• Key person insurance: This is a life insurance policy that can be bought on a key executive or employee's life. Your business would pay for the policy's premiums and get the benefits if it was ever used. This policy is also known as key man insurance or a business life insurance policy.

What Does Key Person Insurance Cover in Kentucky?

Kentucky key person insurance will protect your operation from disaster. If an essential employee or executive can no longer fulfill their duties, this policy will help. Take a look at what a key person insurance policy can cover:

• Insurance to replace profits associated with a key person
• Offsetting lost income from sales due to a key person
• Protection for shareholders and other interests
• Cover losses resulting from a business project involving a key person

What Is the Purpose of Key Person Insurance in Kentucky?

In life and business, you can't know what will happen at every turn. It makes sense to have coverage for all the what-ifs. Check out some things your Kentucky key person policy can cover:

• It will pay debts
• Pay severance to employees
• Close the business down if necessary

Largest life insurance companies in the US, by total life insurance in force

Where you purchase life insurance is just as important as the actual policy itself. There are numerous business life policies on the market, and that can make it challenging. Consider using an adviser for quotes. 

What Doesn't Key Person Insurance Cover in Kentucky?

Key person insurance covers a unique loss and includes a list of exclusions, like any other policy. Kentucky key person insurance may not provide coverage for the following:

• Disability insurance for a key person
• Bodily injury for a key person
• Lost wages for a key person
• Long-term care of a key person

What Does Key Person Insurance Cost in Kentucky?

In Kentucky, there are 351,260 small businesses in existence. Each one will have a specific premium assigned based on their risk factors. Take a look at some factors carriers use to rate your key person policy:

• The key person's health history
• The key person's current health status
• The limits of protection you choose

Is Kentucky Key Person Insurance Life Insurance?

The purpose of key person insurance is to protect your company when an executive or critical staff member dies and cannot perform their duties. Key person coverage is a type of business life insurance policy and is used similarly to individual life coverage.

Development in the total number of life insurance companies in the US

There are several options when it comes to individual and commercial life insurance policies. For best results, consulting with a licensed professional is helpful. 

How to Connect with a Kentucky Independent Agent

It can be unimaginable to think that a vital member of your team could die. However, it happens every day and should be planned for beforehand. Fortunately, a trusted adviser isn't far, and they can find a policy that fits. 

A Kentucky independent insurance agent does the shopping for you at no cost. They work with several markets so that you're fully protected at an affordable price. Connect with a local expert on trustedchoice.com for custom quotes today.