Disaster Insurance & Key Person Insurance
If you live in an area that’s at high risk for floods, tornadoes, earthquakes or any other type of natural disaster, you should absolutely have insurance for it. “If you think these coverages are too expensive, you need to rethink your business model,” said Cate Steane, founder of Make It Happen Preparedness Services. “When the insurance premiums are high, it means the covered event is likely to occur and losses are likely to be catastrophic.”
Steane also recommends storing videos of your office space, financial records and other important files in the cloud rather than relying on a physical space (or personal property) to avoid the records being destroyed. Pre-disaster videos of your space will help your insurance claim move more smoothly.
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Key person insurance is exactly what it sounds like – life insurance on a person whose absence or loss would mean the failure of the company. Matt Ross, co-owner and COO of The Slumber Yard, said he purchased key person insurance for his co-founder when they founded their business, because “he’s the face of the company and the business would be in a world of hurt if something happened to him.”
Key person insurance works by a company purchasing a life insurance policy on its key employee(s) and paying the premiums on that policy. If the key person dies unexpectedly, the company will receive the insurance payoff to keep the company afloat in the aftermath of the death or to cover costs involved in closing the business down.