Ensure your company's future by planning for the unexpected
Executives and other valuable personnel are a fundamental part of the day-to-day operations of your business. The loss of a key person could disrupt revenue flow and lead to internal turmoil and customer erosion.
To protect your business from unexpected key personnel losses, McGriff can provide solutions specific to succession planning that help keep your organization afloat.
Key Person Life
With Key Person Life coverage, you’ll have the security of knowing your business is protected from financial hardship. This coverage can help offset reduced sales and profits as well as mitigate potential damage to your business.
In addition, if a covered employee stays with your firm until retirement, the policy may be used as retirement income. In this case, the company must be the:
- Premium payer
We provide coverage to fund a buy/sell agreement if a business owner dies. A buy/sell agreement binds the surviving owners to purchase the business interest of a deceased owner at a pre-arranged price. It also obligates the estate of the deceased owner to sell its interest to surviving owners.
A buy/sell agreement can:
- Create a fair market value exchange for your business
- Guarantee a buyer for assets your heirs may not know how to manage
- Promote the equitable and orderly transfer of wealth, ownership and management
- Provide your heirs with cash to pay estate debts, expenses and taxes
- Offer tax advantages
Business insights & resources
Weathering the Storm 2021 (White Paper)
Spring 2021 McGriff Market Update (Article)
Client Advisory: Employment Law Trends and Potential Impact on EPL Insurance Claims (Article)
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
McGriff Insurance Services, Inc. CA License #0C64544