Indiana Key Person Insurance

How to connect with a trained professional in minutes

Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for on a continuous basis and is here with the facts about all your insurance inquiries.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Indiana Key Person Insurance

Approximately 1,200,000 people are working for small businesses in Indiana. If you run an operation, there is most likely an employee or executive vital to your company. Key person insurance can help protect your exposure. 

An independent insurance agent will have access to several markets so that you can save money. They can do the shopping for you at no cost. Connect with a local expert for more details.

What Is Key Person Insurance?

When your business has a staff member that you couldn't operate without, key person insurance is necessary. Check out what Indiana coverage has to offer.

  • Key person insurance: This is a life insurance policy that can be bought for a key executive's life. Your business would pay for the policy's premiums and be listed as the beneficiary. This policy is also known as key man insurance or a business life insurance policy.

What Does Key Person Insurance Cover?

Not all of your commercial insurance policies are created equal. Your Indiana key person insurance is no different. There are basic coverages that each carrier typically offers. 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?

Key person insurance is all about being proactive. Though not pleasant to think about, how will your business go on if an essential employee dies? Key person insurance can buy you some time.

It will allow your company to pay for things until you find an adequate replacement. Another area it can help with is avoiding bankruptcy. Check out some things your Indiana key person policy can cover.

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

Save on Business Insurance

Our independent agents shop around to find you the best coverage.

What Does Key Person Insurance Not Cover?

Every key person policy is different. Just like your other small business insurances, the exclusions will depend on the carrier. Your Indiana key person policy may exclude 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

Some insurance companies may include the above exclusions. It will depend on what your carrier offers and how robust they are. Typically, a standard key person policy will be pretty basic.

Key Person Insurance Cost

Your commercial insurance costs will vary depending on your exposures. Carriers look at personal data and outside elements when determining your price. Take a look at some factors companies use to rate your policy.

  • The key person's health history
  • The key person's current health status
  • The limits of protection you choose
  • If the key person has any current life policies
  • How long the key person has worked for your company
  • What the key person's role is at your company

This gives you a good understanding of how carriers figure your costs. You won't know your exact pricing without a personalized quote. If your key employee has poor health or is older, you may be looking at a hefty premium.

How to Connect with an Indiana Independent Agent

Your commercial insurance policies in Indiana can be quoted through a trained adviser. When you're trying to get the best coverage and rates, it's essential to compare costs. Key person insurance can get pricey and should be reviewed carefully.

An independent insurance agent has access to multiple carriers so you can get the best premiums. They do the shopping for you at no cost, making it a no-brainer. Connect with a local expert on for quotes.

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