Keyman or key person is the business main assets that ensure the business growth and prosperity. In layman term, if the key person dies, most likely the business will follow the same path. In a small business operation, who is the key person? The key person usually is the owner himself, or it might be the marketing sales team. If you consider blogging is a business, who is the key person? Even a fool knows that the blogger who maintains the blog is the key person.

The key to protecting the business is to insure its key persons. Andrew Carnegie once said

Take away my factories, my plants; take away my railroads, my ships, my transportation; take away my money; strip me of all these, but leave me with my people, and in two or three years I will have them all back again.

If you are running a business, how much would you insure your car? How much would you insure you factory? How much would you insure your machines? If your car is worth $50,000, I am sure you will insure the value accordingly. Some businessmen insured their factory worth million dollars but yet left themselves uninsured. This is an ironic business sense.

If you are running a business in United States, get a keyman insurance quote here. For Malaysian businessmen, contact me if you are interested to insure your business key persons.


KCLau
KCLau

Personal finance author and trainer

    6 replies to "Protect Your Business with Keyman Insurance"

    • Kesie Ching

      Sorry to let you know its “Andrew Carnegie”, typo error.

      • KCLau

        thanks for your feedback 🙂

    • […] Lesson 3: Insure your business […]

    • kclau

      You are welcome, Tracy 🙂

    • Tracy White

      Thank you for taking my brother Derek Zeno name out of your advertisement for business promoting purposes.

    • […] Protect Your Business with Keyman Insurance If you are running a business, how much would you insure your car? How much would you insure you factory? How much would you insure your machines? If your car is worth $50000, I am sure you will insure the value accordingly. … […]

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