Key Person Insurance
Essential coverage for your company’s MVPs.
Businesses of all sizes should think about this crucial safeguard to protect themselves against the financial impact of losing a vital team member due to death, illness or accident.
Your guide to key person insurance.
Whether it’s a top executive, a star salesperson, or a key partner, their sudden absence can disrupt operations, affect revenue, and threaten your company’s stability. With key person insurance, you can make sure your business has the financial resilience to navigate these challenges.
Here’s how the right insurance coverage can help you:
- Provides liquidity for your company if a critical employee becomes seriously ill
- Creditor protection for a business loan
- Funding of buy/sell agreement in the case of a partner’s death or disability
- Creates a reserve of funding for retirement and future estate needs
Supporting businesses across Canada.
Get your key person insurance by phone or in person at your nearest location.
Common key person coverage types.
Key person insurance can be an essential part of your risk management strategy. Secure your business’s future with a safety net that helps maintain continuity, cover operational costs, and reassure stakeholders. There are three types of key person insurance:
Life Insurance
This ensures the company can continue operating smoothly while dealing with the loss of a vital contributor. A lump sum goes to the business, which can be used to cover lost revenue, hire a replacement, or manage any immediate financial disruptions.
Critical Illness Insurance
This insurance covers the company if a key individual is diagnosed with a serious illness. This type of policy provides a lump-sum payment to the business, helping to mitigate the financial impact of their absence during treatment and recovery.
Disability Insurance
This insurance protects the business if a pivotal employee becomes disabled and is unable to perform their duties. It provides financial support to the company, covering the cost of hiring a replacement, adapting to the new situation, or managing any other expenses that arise.
Why choose Acera Insurance for key person insurance?
Our team of experts have years of experience and are here to help you find the right insurance for you and your business.
Expert Guidance
Key person insurance is a complex product and our highly experienced advisors will take the guesswork out of purchasing a policy.
Ultimate Choice
As one of Canada’s largest independent brokerages, we work with a large number of insurance companies, giving you plenty of choices for your coverage.
Claims Support
Our in-house claims team is here to help you every step of the way and advocate on your behalf to expedite your claim as quickly and efficiently as possible.
Business insights for your everyday.
-
How Employee-Owned Insurance Brokers Bring Value to Your Business
In an industry where impersonal service is all too common, it’s easy to understand the frustrations that business leaders can…
-
Why environmental impairment liability is a must-have for Canadian businesses
As businesses throughout Canada direct more attention and resources towards their ethical and social responsibilities for minimizing their environmental impact,…
-
How natural catastrophic events impact your business insurance
Four natural catastrophic events across Canada in July and August caused more than $7 billion in insured losses, making summer…