Key Person Insurance
Many business owners overlook one of their most important assets when seeking commercial insurance: human resources.
Depending on the type of business you operate, your employees may be the most important asset in your business. Your business is built on their skills, knowledge, and daily work. Are you protected against losing key personnel? What would you do if your key employees suddenly became ill and unable to work?
Key Person Insurance (also known as Key Man Insurance) is designed to insure you against losses to staff or personnel. It protects your organization’s most valuable employee(s) from unforeseeable circumstances that prevent them from working. This ensures that you’ll have business continuity, no matter what happens. Failure to have key person insurance in place may cause irreparable damages to your business due to your key employees’ incapacity to work.
Protect Your Key Personnel With The Best Key Person Insurance
You already have business insurance to protect most of your assets and cover claims related to your physical location and work. However, even a robust business insurance policy is unlikely to protect the people your business depends on.
As a business owner, one of your main responsibilities is to ensure that your employees are performing effectively. If you have employees that your business largely depends on, you need to have a key person insurance policy. This includes any critical health conditions or disabilities your key employees may suffer, rendering them incapable of fulfilling their duties.
The main factors our experienced key person insurance broker will consider to determine your policy may include:
- the length of the insurance coverage term
- the amount of coverage
- the age of the individual
- the gender of the individual
- whether the individual is a smoker or non-smoker
- the general health status of the key employee(s) to be insured
Key person insurance policies can cover a wide range of conditions including disability, critical illness, and death. Coverages can be term or permanent policies, depending on your business’ needs. Typically, key person insurance policies are written to cover five times the income of the individual insured. While conditions may vary depending on the company’s needs and budget, our goal is to get you the best key person insurance. We’ll source a policy that’s well worth your investment.
What Does Key Person Insurance Include?
Key person insurance is intended to help you manage the financial losses associated with the loss of a key person in your business. This may include coverage for financial losses while you find a replacement employee, short-term disability insurance, and key person life insurance.
Professional Liability Insurance
If your business is built on your professional reputation, you need a comprehensive professional liability insurance policy.
If you are a professional whose business dealings involve complex procedures, you need to protect yourself against unintentional malpractice or misrepresentation. A professional liability insurance policy will ensure your business isn’t negatively impacted when these events occur.
What would you do if your business was caught up in an unintentional malpractice lawsuit?
Lawsuits filed against professionals due to misrepresentation, malpractice, or negligence complaints are litigious in nature. They are also financially and physically demanding. As a professional whose core value is credibility, the reputation you’ve worked so hard to maintain should be safeguarded. What better way to do that than by having liability insurance to protect yourself from financial loss?
Since different professions require varying frameworks, our experienced professional liability insurance broker will help you write a policy tailor-made to fit your line of work. We’ll examine all the variables and potential risks that come with your profession. Your trusted Cornerstone Insurance broker will determine your coverage and premiums by doing a comprehensive assessment of your:
- liability levels
- years of experience
- type of professional services
Who Needs Professional Liability Insurance?
Our professional liability insurance quotes are available for:
- Business consultants
- IT professionals
- Directors and officers
- Architectural firms
Depending on your profession and the coverage you need, we offer General Liability Coverage (GLC) as well as Errors and Omissions (E&O) services. At the minimum, we recommend a $2 million policy for GLC and $1 million for E&O.Keep yourself, your business, and your workforce protected against any liability and potential damages by making Cornerstone Insurance your partner today.
Get In Touch
Our clients are our partners. We want to make it as easy as possible for you to reach us in person, by phone, email, or via our online portal. Our 24-hour claims reporting system allows you to file at any time in case of an emergency situation.
Why Choose Cornerstone for Your Alberta Insurance Needs?
At Cornerstone Insurance, we truly believe in making a difference for Alberta business owners. It all begins with a solid relationship, and it ends with trust.
Helping businesses is the future of Cornerstone Insurance. As our clients grow, we grow. If you have questions about your key person insurance or professional liability insurance, we’d be happy to help. Feel free to get in touch with us to speak to a real local broker.
Cornerstone Insurance offers key person and professional liability insurance in Edmonton, Sherwood Park, St. Albert, and throughout Alberta.