Who, if they left your company or died without adequate life insurance, would derail your company? Maybe it wouldn’t put you out of business but for at least a while you would experience chaos at a business level. It could be that the reputation of the CEO, with customers, banks, competitors is a presence so large that their death would be like a tire with nail going slowly flat. That feeling that we are still going forward but things have slowed down and we know there is a point where things will stop and competitors will over take all that has been gained.
Sometimes company owners get a little full of themselves and never give serious thought to what would happen if they were suddenly without their assistant. In the case of my company I know a lot about getting the attention of new customers and through good service keeping them and helping them, but without my assistant, many would not get through the application process for life insurance. The process seems to get more complicated each year and she has the ability to keep our customers from knowing that and keep life insurance applications moving. I’m not saying that I don’t have some place in the company our satisfied customers have a lot of experience with her and from what I’m told it’s all good. That’s hard to find and harder to replace and train.
So let’s quit poking along here and talk about reality. When someone who is key to your company success dies unexpectedly there is a significant change that it will impact the company negatively if you haven’t planned for that possibility. If your CEO dies, the person that signs for business loans requiring collateral, and ties to strategic partnerships, without business life insurance, a loan could very well be called or a partnership may be given second thought. On the proactive side, having business life insurance in place before a loan is needed or an investment or partnership opportunity comes up can save you the time and consternation of scrambling for that collateral that allows everything to happen seamlessly. It can free up a company to act quickly when opportunities arise.
And, if you haven’t, take a critical look at your company and look for those behind the scenes people who make it all work better than the competition. That could be the head of your sales department or even your shipping department. Getting exactly what you ordered and receiving it exactly when you were told you would keeps customers coming back. People with the qualities and experience to just step in and keep things going may be right in your company or it might take some time to find someone, but with business key person life insurance you have the money to not only over do it for a while to keep your current customers, but to attract the kind of talent who can grab it and run with it. That insurance could also be structured as a bonus to retirement if they live or give the family a boost if they don’t.
Bottom line. There are companies with endless buckets of cash lying around that can go toward these uses, but those companies didn’t end up with all of that cash without learning how to leverage it. If you have questions, or your back is against the wall and you need a quick fix for life insurance you should have bought sooner, call or email me directly. My name is Ed Hinerman. Let’s talk.