I know it is not common to think about life insurance for employees when you own a small business. However, if you have employees with advanced training who would be difficult to replace if something were to happen, it may be something you want to consider.
While appraising is not necessarily a dangerous profession, it also is not the safest. It is stressful, we have a tendency to not take care of ourselves, and we drive a lot which can be a hazard. While it is never fun to think about our mortality or the possibility of losing someone we care about, it is important to prepare for the future appropriately. Firstly, I strongly suggest having life insurance on yourself and all of your immediate family members, but you should also consider having a life insurance plan for your key employees.
When I say key employees, I mean those that you have invested heavily in as an employer. These are the individuals whose sudden absence would have a dramatic impact on your business. If you decide to obtain life insurance for these individuals, you would want to be the main beneficiary on the plan, so if they were to pass away, you would have some type of safety net to fall back on. However, you want to make this a win-win situation where their family would also benefit from the plan.
I strongly suggest consulting with a financial advisor to help you decide if providing life insurance for some of you Tier 3 employees would be a good fit for your business. While death is not something we like to think about, it is always best to prepare for the worst.
For more information on this subject, please download and listen to The Appraiser Coach Podcast Episode: 281 Life Insurance for Your Appraiser Employees