Does Your Risk Management Plan Cover Key Staff?

Key Staff Insurance

Your business insures its most important assets, from facilities to equipment and vehicles. Why should you treat key personnel like partners and executive officers differently? The death or disability of one of the visionaries taking your business to the next level can be just as big a setback as fire, theft, or bad faith actions by a trusted employee. If you insure against those things like you should, you need to cover your vulnerability to the loss of key personnel. At http://www.arroyoins.com, a quick primer on the way this kind of insurance works can help you understand its most important elements.

Keep Your Coverage Updated

Key staff insurance is like any other coverage, it’s only as useful as it is accurate. If you haven’t reviewed your policy in a few years, it might be time to make a change. Even if you still have all the same co-owners and key personnel, the value of their contribution to your company and the possible loss due to their death or disability has likely changed as well. If your coverage doesn’t accurately reflect what your company could lose, it’s not going to take care of you in the event you need to file a claim. Make sure you review the policies on your key operators annually, as well as whenever someone is leaving the company or coming in new.