Marsh’s Individual Insurance Services Practice specializes in business insurance solutions that protect a corporation’s critical human assets. Business owners and other key executives spend considerable time and effort acquiring the knowledge, experience, relationships, and skills that make them valuable to the business. When one dies, suffers a critical illness, or becomes permanently disabled, the business loses a key member of the executive team—and this can have a severe financial impact on the corporation. Our solutions can help protect your organization from such serious consequences.

Key person insurance is a policy that covers the death, critical illness, or permanent disability of a key employee. The proceeds from the policy are payable to the corporation, normally tax free. The availability of these proceeds, along with a viable transition plan, can reassure creditors, suppliers, customers, and employees. The value of these benefits often far exceeds the cumulative cost of the insurance.

Essentially, a key person is anyone whose death or disability could:

• Result in lost customers and negatively impact corporate profits
• Impair the organization’s financing or its ability to secure additional financing
• Create a management void that cannot be filled by current staff
• Result in a loss of intellectual capital

Marsh’s Individual Insurance Services Practice will work with you to determine the appropriate amount of key person insurance, conduct an unbiased assessment of a broad range of competitive insurance carriers, and streamline the application process, so you can concentrate on running your business.