Updated: Sep 8, 2020
Planning for what could go wrong can help future-proof your business plans.
Having a business continuation strategy means being ready for bumps in the road. Having a buy-sell agreement with your partners, having access to capital to cover cash flow problems—these are ways you plan for your business to keep going.
What about your key people?
Key people are a key ingredient in your success. Putting plans in place for what you’d do without them is crucial to your business continuation—no matter what stage you’re at. Every business has those people that drive growth and success. Planning for what you’d do without them is a big part of your business continuation strategy—whether you’re just starting out or already expanding operations.
Key person protection helps protect you against unexpected loss.
Using life, disability and critical illness insurance, it helps insure you against what you risk losing if your key people die, become disabled and unable to work, or take leave for a serious illness. It means your business has the money it needs to keep growing, even while it gets back on its feet.
Key people mean business.
To identify your key people, think about those individuals that make your business tick. Do you have someone that brings a unique contribution? Someone that you rely on for your operations? Key people bring something special to your business, something you can’t easily replace.