Investing
4 months ago
Key person insurance — what is it and when does a small business need it?
15
I run a software development company with 15 employees, but 60% of our revenue comes from relationships maintained by one senior developer. My business partner suggested 'key person insurance' on that developer. What exactly is this? Does the company own the policy and pay the premiums? What happens if the key person leaves voluntarily vs dies? Is this common for small businesses?
DR
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