Tennessee Key Person Insurance
How to connect with a local expert in minutes
Written by
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 TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
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.
Tennessee has roughly 1,100,000 people who work for small businesses alone. Some of your staff will be vital to your day-to-day operations. In order to have proper protection, key person insurance is necessary.
An independent insurance agent can help with coverage and premium options that won't break the bank. They do the shopping for you at no additional cost to your business. Connect with a local adviser to start saving today.
What Is Key Person Insurance?
If you have employees, you likely need key person insurance. When your business is run by staff members that you can't see life without, this is the policy for you. Check out what Tennessee 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 In Tennessee?
Like your commercial auto or general liability coverage, your insurance policies all cover different things. Your Tennessee key person insurance will help protect your business when an employee passes. 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
- Covering losses resulting from a business project involving a key person
What Is the Purpose of Key Person Insurance In Tennessee?
What would you do if an essential staff member was no longer able to perform their day-to-day tasks? How would your business function, and what could you do about it? Key person insurance will help answer some of those questions.
Like your other commercial insurance coverage, it will soften the blow a loss has on your operation. Check out some things your Tennessee key person policy can cover.
- It will pay debts
- Pay severance to employees
- Close the business down if necessary
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What Does Key Person Insurance Not Cover In Tennessee?
Like your other life insurance policies, key person insurance will come with its own set of exclusions. Not all carriers are created equal and should be reviewed for sufficiency and accuracy. Your Tennessee key person policy may exclude the following situations.
- 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
Key Person Insurance Cost In Tennessee
In Tennessee, your commercial insurance costs vary. It doesn't matter if you have professional liability or umbrella coverage, all premiums are unique to you and your specifications. Key person insurance is no different. 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
How to Connect with a Tennessee Independent Agent
Tennessee business insurance is essential to avoid financial ruin. It only takes one loss, and your entire operation can be under water. Key person insurance will help your company stay afloat even after a crucial employee is gone.
An independent insurance agent will be able to quote through several carriers so that you can save. They compare coverage and cost for you at no additional expense. Connect with a local expert on TrustedChoice.com to get started.