Key man in the business? Is there an insurance for them?

insurance- key man

 

Key man insurance is  an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer. The `keyman’ here  could be the promoters ,partners or directors in a private/public limited copany  . It could also be  any person employed by a company having a special skill set or substantial responsibilities and who contributes significantly to the profits of the organisation

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