What's Key for Your Business?

All businesses, regardless of their size, have key employees — people whose contributions have a significant impact on the bottom line.

A key employee is anyone who makes a significant contribution to your company's financial success — a company president, talented sales director, a product designer, a partner who makes key management decisions, or an executive who is a TV advertising personality. And, unlike a machine, key employees are not so easily replaced.

Businesses that depend on a particular piece of equipment typically insure it. The loss of a key employee can have a serious financial impact. In addition to the human tragedy, the loss of a key person often means the loss of important customers, skill sets or business relationships.

Securing Protection Through Insurance
Key person life and disability insurance can help a business protect itself against the financial risk associated with losing a key employee.

Key Person Life Insurance
Life insurance purchased on the life of a key person will pay the business, upon that employee's death, the proceeds of the policy. That benefit can be used to cover financial expenses and train the key person's replacement.

Key person life insurance can also provide a cash value benefit depending on the type of policy purchased. This cash value can be used for a few strategic business reasons while the employee is still living.

Key-Person Disability Insurance
When a key employee is disabled the loss is experienced in two ways. The first is the loss of profits that would have been attributed to the key employee. The second is the cost associated with finding a replacement. Key-Person Disability coverage is designed to provide your business with income during the disability of a key employee.

Planning for key employees can help small business owners offer attractive incentives to retain key employees, while planning for a potential business loss.

Northwestern Mutual is the fleet name for The Northwestern Mutual Life Insurance Company, Milwaukee WI (NM), its subsidiaries and affiliates. Bleakley, Schwartz, Cooney & Finney is a marketing name used by Northwestern Mutual representatives located at 100 Passaic Ave, Suite 300, Fairfield, NJ 07004-3508. Bleakley, Schwartz, Cooney & Finney is not a registered investment advisor, broker-dealer, federal savings bank or subsidiary or affiliate of NM. Insurance Products are available through insurance agents of The Northwestern Mutual Life Insurance Company, Milwaukee, WI (life insurance, disability insurance, and annuities) and Northwestern Long Term Care Insurance Company, Milwaukee, WI, a subsidiary of NM (long term care insurance). Securities and investment advisory programs are offered through registered representatives and investment advisory representatives of Northwestern Mutual Investment Services, LLC (NMIS), a wholly-owned company of NM and a dually registered broker-dealer and investment adviser, member FINRA (www.finra.org) and SIPC (www.sipc.org).Investment advisory programs and trust services are offered through Representatives of Northwestern Mutual Wealth Management Company® (NMWMC), Milwaukee, WI, a wholly-owned company of NM and limited purpose federal savings bank. Investment products are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, NMWMC or its affiliates and are subject to investment risks, including possible loss of the principal amount invested. The products and services referenced are offered and sold only by appropriately appointed and licensed entities and representatives of such entities. Each Financial Representative represents one or more, but not necessarily all of the entities shown and may not provide all the services discussed on this Web site. Not all products and services are available in all states. The Northwestern Mutual Life Insurance Company is neither a registered investment adviser nor a registered broker-dealer. There may be instances when these insurance agents represent insurance companies in addition to NM or its affiliates.Not all persons using the Bleakley, Schwartz, Cooney & Finney name are able to offer advisory services or securities.