Key Person Coverage for Your Shop

Does your shop have a key employee? This employee may be your business partner, manager or even YOU! Defined by Investopedia, a key employee is “an employee with a major ownership and/or decision-making role in the business. Key employees are usually highly compensated. They may also receive special benefits as an incentive both to join the company and to stay with the company.” In short, key employees literally are the key to continued success!

Our question to you is this: How could you not protect a key employee with the right coverage?

If something were to happen to this key person, whether a major medical illness, disability or even death, what would happen to your auto shop? Would their loss affect your business? Your finances? Having key person life insurance is critical to avoid a financial disaster. At Wolpert Insurance, we can help you design a plan that serves your needs at a price that you can afford.

This is a plan to purchase the required personal life insurance at a lower cost through the sharing of premiums by an employer and employee. This may not only help you retain key persons with a fringe benefit but could allow you to recover its contributions to premium payments once the policy is surrendered—or in some cases, as a result of a death claim.

There are plenty of advantages to a Split Dollar Plan, for instance, including:

  •  Taxes may be saved by using corporate dollars
    •    You receive life insurance coverage
    •    You can recover its premiums paid to the policy

If you are interested in learning more about this or other types of coverage, please do not hesitate to reach out to our agency. At Wolpert Insurance, we are here to guide you through the intricate details of garage insurance. It is our goal to have your garage and auto body shop—and your employees—as happy and safe possible.