An important reminder is being published to make sure you have updated Key Persons Insurance on the business owners of the company and why this is so important for new and growing businesses. Further information can be found from the Jones Insurance Agency online at: https://agents.allstate.com/bill-jones-garden-city-mi.html.
This is a reminder of an often overlooked reason life insurance for Business owners is important. Business life insurance for the key person in a business can be the critical protection needed and is something often overlooked in planning a new or growing business.
Sadly, I have seen several situations where a business was started years ago. The business partners worked hard and their business thrived and grew. Then, unexpectedly, one of the partners passed away. The loss of a partner can be devastating enough but to not have adequate life insurance coverage can further leave business they worked so hard for, in disarray.
Individuals can get several types of coverage and the amount of coverage is generally based on need, expenses and assets. For businesses there is another consideration for life insurance, the use of key person's insurance and a succession plan.
The reason this coverage is important is because the death of a key person in a small company can cause the subsequent death of that company also. It is critical for a business to get guidance about a succession plan and how to achieve that.
The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work. With key person insurance policies, a company purchases a life insurance policy on its key employee(s), it pays the premiums and is the beneficiary of the policy. In the event of death, the company receives the insurance payoff.
"I founded of The Jones Insurance Agency 45 year ago," says Bill Jones. "My team can help you determine the right amount of coverage and explain the differences in types of policies so you have piece of mind because you have the protection you need."
"Nowadays, we're so busy that it's easy to put off doing important tasks like scheduling maintenance for equipment, updating software, and reviewing what and how much coverage your policy gives. Situations change over time as do our needs and expenses. I recommend taking a little time to schedule an appointment to review your coverage. Even if you are currently with another insurance company, get a comparison price."
"The Jones Insurance Agency got it's start in Garden City, MI when I noticed a growing need for insurance coverage in the Northern Detroit Metropolitan area. With 45 years experience in the life insurance, auto insurance and homeowner insurance arenas, my agency serves Northville, Pleasant Ridge, Brighton, South Lyon, Milford, Walled Lake, Howell, Commerce, Hamburg, and White Lake, MI as well."
"We like to do things to connect with our consumers and customers, things like posting on our Facebook page, calling and checking in with our customers and releasing these little factoids to help educate and serve."
Business Life Insurance is available for a quote. Call us now for an appointment at (734) 427-7500. The Jones Insurance Agency gives a discount if the company also covers the auto, home or business space. For more facts and further information about The Jones Insurance Agency, go to: https://agents.allstate.com/bill-jones-garden-city-mi.html
