Key Man Insurance
Key employees can make your business vulnerable to loss. We have seen a case where a Company unexpectedly lost their best salesperson. The Company floundered and the business couldn't afford to pay its owners as in the past causing financial hardship. If you have a key employee, consider buying key man life insurance to sustain the business in the event of such a loss. It can be transferable from one employee to another and is often inexpensive. The key man premiums are not deductible, but the benefits are not taxable.