Mississippi has 440,399 people that work for small businesses. Some team members you can't live without, and neither can your operation. Your Mississippi business insurance should include key person insurance.

Fortunately, a Mississippi independent insurance agent can help with coverage and premium options. They do the shopping for you at no additional cost. Get connected with a local expert for customized quotes today.

What Is Key Person Insurance?

When your business is operated by employees and executive staff who are crucial to your day-to-day operations, key person insurance is for you. Check out what Mississippi key person coverage has to offer:

• Key person insurance: This is a life insurance policy that can be bought for a key executive's life. Your business would pay for the policy's premiums and be listed as the beneficiary. This policy is also known as key man insurance or a business life insurance policy.

What Does Key Person Insurance Cover in Mississippi?

Your Mississippi key person insurance will help protect your business when an employee or owner passes away. Take a look at what a key person insurance policy can cover:

• Insurance to replace profits associated with a key person
• Offsetting lost income from sales due to a key person
• Protection for shareholders and other interests
• Losses resulting from a business project involving a key person

What Is the Purpose of Key Person Insurance in Mississippi?

How would you handle an essential employee or owner's absence from your company? Key person insurance will help your business continue operating even when a loss occurs.

Similar to your other commercial policies, your key person coverage will minimize the exposure. Check out some things your Mississippi key person policy can cover:

• Payment of debts
• Payment of severance to employees
• Closing the business down if necessary

What Doesn't Key Person Insurance Cover in Mississippi?

Like other insurance policies you own, key person insurance comes with its own set of exclusions. Every person and Mississippi carrier will rate your coverage based on your specifications. Key person insurance may not include the following:

• Disability insurance for a key person
• Bodily injury for a key person
• Lost wages for a key person
• Long-term care of a key person

Largest US life carriers by premium size (in billion US dollars)

When selecting your key person life insurance policy, it's essential to know who the heavy hitters are. The top carriers are usually a reputable place to start.

Key Person Insurance Cost in Mississippi

In Mississippi, your commercial insurance costs vary. It won't matter if your insuring your liability or commercial auto policy, every premium will be specific to your business. Take a look at some factors companies use to rate your key person policy:

• The key person's health history
• The key person's current health status
• The limits of protection you choose
• If the key person has any current life policies
• How long the key person has worked for your company
• What the key person's role is at your company

Is Key Person Insurance Life Insurance in Mississippi?

Your Mississippi key person insurance is also a life insurance policy. Think life insurance for your business, and it may be easier to understand. Key person insurance is essentially a life policy for your vital employees, executives, vice presidents, and anyone else crucial to your day-to-day functions. 

The number of life insurance policies purchased in the US (in millions)

Whether you purchase a key person life policy or an individual life policy, both are necessary. Life insurance in any form can help pay for expenses that come up after a person has passed. 

How to Connect with a Mississippi Independent Agent

Mississippi business insurance is essential to avoid a significant financial setback. It only takes one claim, and your entire operation can be at risk. Key person insurance will ensure that your company stays in business even after an essential worker is gone.

A Mississippi independent insurance agent has access to some of the best carriers in the state. They do the shopping for free so that you get affordable coverage. Connect with a local expert on TrustedChoice to get started in minutes.