Key man policies
All businesses, regardless of their size, have key people – people whose contributions have a significant impact on the bottom line.
The loss of a key person is difficult for any business, but it is especially difficult for small businesses that rely more completely on the contributions of a few very talented people. In a small business, each employee usually has a more direct effect on the bottom line due to fewer employees interacting with customers, creating products and performing services. Small businesses typically don’t have multiple people to perform key job responsibilities.