Your Most Important Assets Are Your People, So Protect Them

Your people are your most important assets, and without key individuals, chances are that you wouldn’t enjoy the same successes that you do today. Directors, shareholders, CEOs and CFOs, department managers and even integral team members…each of these individuals have helped build your company to the point it is at today. If you were to lose any of these key players, your business might suffer, both emotionally and financially. While key person life coverage cannot stem the grief of losing a valued team member, it can help with the financial losses that come with such an event.

Key person life insurance is designed to compensate individuals for the financial losses that result from a key person’s death, such as the cost of hiring and training a replacement and of meeting the salary continuation obligations to the deceased spouse or family.

This type of insurance works very much like individual life insurance, except instead of the employee pulling out a policy on themselves, the company pulls out a policy on the employee. The company is the beneficiary instead of the family, and it is allowed to use that money for whatever it deems necessary until it finds a suitable replacement. The term of the policy does not extend beyond that of the key person’s employment.

Unique Insurance Solutions for Your Supply Chain and Logistic Needs

Logistic service providers and those companies with a global supply chain might have a problem when it comes to choosing the right insurance plans. The risks they take are unique meaning there aren’t a lot of standard plans out there for goods in transit insurance. However, there are a number of insurance solutions that you may want to know about if you provide one of these services.

Companies that ship cargo overseas may want to consider one of two types of insurance. Intermediaries who are responsible for cargo but don’t directly own it, such as warehouse operators or freight forwarders, may want to consider a liability insurance plan. This type of insurance can protect them in the event the cargo in their care is lost or damages. If you’re looking to cover the goods themselves, you may want to consider a form marine insurance which can cover various types of loss or damage to the goods in question.

Other types of goods in transit insurance you may want to consider include project policies. These can cover instances of the shipment of an over-sized cargo, or one of high value. Warehouse liability can cover those responsible for storing cargo. Some plans come with several types of insurance together to cover the transit process from start to finish. With this knowledge, you can choose the right plan for you.