A Key Man Policy is a type of policy that protects a company from financial loss in case a vital employee ( the 'key man' ) passes away or becomes incapacitated. Losing a Key Person can affect the company in many ways, possible even forcing the business to close its doors!
A buy-sell agreement is a legally binding contract that outlines the procedures as well as funding options for buying and selling ownership interests in a business, ensuring a smooth transition in the event of unforeseen circumstances such as death, or retirement of an owner
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