Buy-Sell Disability Insurance

Most companies employ key people who are essential to the functioning and success of the business. Whether these people are valuable because of their expertise, power, innovation or information, losing them, even temporarily, could destroy a company. Key Person Disability Insurance provides crucial benefits to protect the company financially if a key employee can no longer work due to a disability.

Here Is A Common Example...
Take a doctor for example: Many small to medium sized practices only have a handful of doctors. Now, let’s take the same example and make it more specific by assuming our doctor is one of only a few surgeons employed by a medical practice. After a long day, this doctor gets into his car and makes his way to exit of the parking garage. Unexpectedly, another driver crashes into him from behind. After pulling a 15-hour shift in ER, this doctor lacks the reflexes to act quickly and slams into the backside of the other exiting vehicle. 
The doctor breaks his wrist and his leg which will require surgery using pins and screws to hold his bone in place. Healing may take months or longer and a surgeon that cannot stand nor use his left hand. This disables the surgeon from doing his job. Insuring such a risk (example above) with Key Person coverage, provides cash flow to help companies move forward and maintain a profit if a key employee becomes disabled. In this situation, high limit disability insurance is invaluable.
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Using our example above, the company could use the disability benefits to hire a temporary employee, should the disabled employee’s prognosis appear to be a short-term disability. Hiring a temporary surgeon or using the disability funds to cover the cost of paying another surgeon from another location overtime, are just a few ways the disability payout to the practice could be utilized to cover the healing gap of the Key Person (injured doctor in this example). In the unfortunate circumstance of a permanent disability, benefits would then be used to help defray the costs related to hiring a replacement employee, such as recruitment, training, startup, loss in revenue and unfunded salary continuation costs.
If the Doctor’s accident caused permanent injury in his hand to where he was unable to gain full use ever again, his licensing board may decide he can no longer practice as a surgeon, for obvious and understandable reasons. In this case, the Buy Sell Disability Insurance for this Key Person may be used in various ways, such as those mentioned above, to secure a replacement for the doctor in this example.
Whether you are a law firm, a services business with key salespeople, a medical practice, a financial advisory firm, or any other type of business, you most likely have key person employees. Take a second to think of these employees…Now, imagine if tomorrow one or all of them could not come to work for 6 months, 6 years or possibly never again? How would your firm be affected? If the negative effects give you even the slightest anxiety, you should consider a buy sell disability insurance policy to cover these key person employees!
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