A key person is someone whose skills, knowledge, reputation or relationships are important to the business’s success. This can include an owner, an executive, a department head, a top salesperson, or anyone whose absence would significantly affect the business’s revenue or operations. Key person insurance generally isn’t for a business where the owner is the only employee.
Who qualifies as a “key person” in a business for key person insurance?
Reviewed by Garrett Agencies Ltd., October 2026. How we write
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More about key person insurance
Protects the business if it loses someone whose skills, contacts or sales it depends on.
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