Can you tell me if Key man insurance will include medical tests, such as genomic tests.
Dr Paul A. Markham
V3 Health Strategy
Hello Dr. Markham,
Generally, a key man insurance policy only covers the loss of profits that a business would experience when a vital member of the business passes away or becomes disabled. During underwriting, the insurance company will gather information about the insured individual to find out his or her ‘worth’ to the business. Now, if the person has obtained a patent for a genomic test or contributes certain revenues to the business with genomic tests, that may be part of what is covered. For more specific details, you would need to discuss your business model with the insurer during the underwriting process.
Managing Editor, Fit Small Business
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.