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Is it a good decision to take Key Man Insurance?
Every business is different and has diverse requirements. No one company can be compared with another to understand if it is a good decision for the business. Insurance itself is something that nobody wants to have to claim. It is taken to avoid the inconveniences that we will have if we lose something or someone. This case is similar, the business has many valuable contributions from the people employed but they always have some key persons who are invaluable to the business. The loss of such people cannot be quantified but if the loss can be put in money terms the impact can be greatly lessened. It is a business decision that can never go wrong when you lose that one important person.
Key Man Insurance is critical to any business. A business can invest in some valuable research and try and put money values to the loss of people and understand if this kind of an insurance is right for them
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Also, inquire about the taxation laws that will apply to your company.