A commercial life insurance policy ensures that if something unexpected were to happen to one of your key employees, the financial needs of your Florida business would be protected.
Every business in Florida has assets and property that are protected against loss, often including automobiles, a building, and office equipment. Commercial life insurance is a form of insurance that helps businesses protect their most valuable assets –their employees. A commercial life insurance policy ensures that if something unexpected were to happen to one of your key employees, the financial needs of your business would be protected.
At Wise Insurance Agency, LLC, we can help you select a commercial life insurance policy that complements your business’ situation and fully explain how it works to you. This way, not only are your company’s best interests protected, but you also understand how your life insurance policy would apply in case an unfortunate event occurs.
There are two primary factors that must be considered to determine how much life insurance your business needs. First, you need to estimate the cost of finding, hiring, and training a replacement employee. This may include the expenses associated with interviewing potential employees, employment agency fees, and moving the new employee to your location. Secondly, you should determine a dollar amount for the profit your key employee brings to your company every year and how many years it would take for another employee to perform at the same level of competence.
At Wise Insurance Agency, LLC, we are here to help you determine both of these factors and ultimately help you select the right commercial life insurance policy for your business. To find out more about how and why your company can benefit from this type of insurance, contact us today.