Providing Key Person Insurance to Individuals in the Greater Houston Metro Area
Sugar Land, TX
If a key person in a business passes away, it can be a devastating blow to the operation of the company. Protect your commercial business by getting key person insurance. Pyxis Insurance Agency is prepared to help businesses in the Greater Houston Metro area find an insurance policy with living benefits that will work for them.
Pyxis Insurance Agency is honest, reliable, and ready to go the extra mile for our clients. We aim to provide you with the support and guidance you need to find the right insurance policy for you.
At Pyxis Insurance Agency, we have the skill and knowledge to help you make sure that your business is protected. Our goal is to give you the assistance you need to have peace of mind. If you’d like to learn more, then give us a call today for a consultation.
Answering Your Questions on Key Person Insurance
Determining whether or not you need key person insurance for your commercial business can be difficult. Businesses already come with plenty of expenses, and many individuals can understandably be hesitant to make more. Pyxis Insurance Agency will help businesses in the Greater Houston Metro area determine whether a key person policy is right for them.
What is key person insurance?
Your business relies on certain key people in order to function. The owner, team leads, hard-working employees—each individual brings something important to the company. It can be a serious concern, then, when one of these individuals passes away. Their passing won’t just bring grief to their loved ones and coworkers; it can also be a major blow to the company. Depending on the individual’s role, the loss may lead to anything from a financial blow to the complete dissolution of the company. As such, it’s best to find a way to protect against any potential setbacks.
That’s where a key person insurance policy can be beneficial. A key person insurance policy is designed to protect against the loss of key individuals in the company. A business can purchase a policy in order to insure certain important individuals, such as the owner, business partners, or employees who fulfil a major role at the company. If something should happen to that individual, leaving them unable to fulfil their duties, then the insurance company will pay your business a certain amount of money. This can help prevent the business from losing a significant amount of income—or, in a worst case scenario, dissolving altogether.
When should a business consider purchasing a key person insurance policy?
A commercial enterprise may want to consider speaking to an insurance agent about a key person policy for a number of reasons. Some of the top reasons include:
- If it’s a small business. Because a small business has significantly fewer personnel, it can be much more devastating to lose a member of the team. If you own a small business, then it’s often beneficial to consider speaking to an agent about a commercial insurance policy.
- Your business depends on several individuals that would be difficult to replace. Small businesses aren’t the only ones that may rely strongly on certain key individuals. Many larger companies rely heavily on several key players in order to bring in revenue. If yours falls into that category, then you may want to consider getting key person insurance for those individuals.
- If you are attempting to find investors. Investors want to make sure that they’re making choices that will earn them money. Even if your business doesn’t depend solely on a single individual, some investors may be hesitant to agree to a contract if you don’t have key person insurance.
- Your business is in debt. Not all businesses that struggle with debt will require a key person insurance policy. However, if that debt would be difficult to pay off without a specific individual, then you may want to consider looking at commercial insurance policies.
What are the benefits of key person insurance?
The most immediate benefit to key person insurance is that it can protect you from financial loss. If you lose a key individual in your company, then many times the business can suffer for it. Key person insurance pays money to the company when an important individual passes away, which means you have to worry less about the financial impact.
Key person insurance doesn’t just protect against financial concerns; it can also assist with helping to replace and train a new employee. It can be difficult to find someone to fill the shoes of a key individual, and expensive to train them properly. Key person insurance can help a business pay for any training and recruitment so that your business can get back on track faster.
What should you consider when purchasing key person insurance?
Before purchasing a key person insurance policy, there are several questions you’ll likely want to ask:
- How committed is the individual to the company? Purchasing a commercial insurance policy is a big investment. If the individual doesn’t plan to stay at the company long term, then it may not be to your benefit to purchase key person insurance for them.
- How much insurance should you purchase? Ultimately, you’ll want to consider how much you’d lose if the individual were to pass away, and plan accordingly from there.
- What individuals should be insured? Take the time to sit down and think about which individuals your company relies on the most. Determine from there whether or not you should purchase insurance policies for any or all of them.
Discuss Your Key Person Policy with a Professional
At Pyxis Insurance Agency, we understand how important your business is. It provides you with your livelihood, and it would be devastating if it couldn’t operate as intended. Key person insurance is designed in order to protect your business and keep it running properly. Pyxis Insurance Agency is here in order to help you choose the right policy for you. All of our insurance policies come with true living benefits, which can be beneficial should an individual be injured or fall ill. We can explain the benefits of this type of policy and help you find something that works for you.
When Pyxis Insurance Policy helps you with your key person insurance policy, we will:
- Provide you with personalized attention.
- Help you determine which employees should be insured.
- Examine your business’s finances to determine how much you should purchase for your policy.
- Provide knowledgeable advice and guidance.
Trust Pyxis Insurance Agency for options that are customized to fit your needs.
When you run a business, you need to make sure that it continues operating properly. Pyxis Insurance Agency is here to assist you. Call today in order to learn more about our policy options and to schedule a consultation.
We serve clients throughout the Greater Houston Metro Area, including Houston, The Woodlands, Sugar Land, Pasadena, Pearland, League City, Baytown, Conroe, and Galveston.