Most organizations employ at least one individual who is essential to the company’s success. This person
may be a partner or just an individual with expertise that is unmatched throughout the rest of the company.
If this person’s exit from the company is planned, such as retirement, then you can prepare for the loss and
take the necessary precautions to minimize the impact. However, if the departure is unplanned due to a death
or sudden resignation, then the company is exposed to major financial risks. This is when a Key-person, also
known as Key-man policy, comes into play and can save your business.
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