Why You Should Consider Commercial Life Insurance

Why You Should Consider Commercial Life Insurance

How commercial life insurance will protect your business if you lose a key employee.

As a business owner, you know that good employees are your company’s biggest assets.  This is why the unexpected death of a key staff member could leave your company reeling.  Should this happen to you, then your business would need the financial protection that only commercial life insurance can provide.  Here’s how this specialty coverage will help you protect your business in the event of a key employee’s death.

  • What is commercial life insurance?

There are actually different forms of commercial life insurance.  For instance, business owners can secure a form of this coverage to ensure that their company has enough of a financial cushion to get them through the transitional time following their death.  There are also commercial life insurance options that business owners can secure for their employees.  This type of coverage will offer compensation to make up for the revenue and value that a key employee provides to the company.

  • What does commercial life insurance cover?

Business owners can take out a commercial life insurance policy on key staff members to cover the costs associated with hiring and training a replacement employee.  For instance, the benefits from a commercial life insurance policy can cover the cost of recruiting and interviewing a replacement employee, going through the official hiring procedures, and training the new employee.  Additionally, if an existing employee is responsible for generating a significant amount of revenue for your business, then you can also secure commercial life insurance coverage to make up for this lost income should they pass away.

This is how commercial life insurance can help you protect your business in the event of an important employee’s death.  Are you looking to secure the right commercial coverages for your company?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.