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Answer :
Joe should buy the Key Employee Insurance kind of policy. Insurance that protects a company from the financial losses caused on by the passing of a top executive or other employee.
How does "key person insurance" work?
An insurance plan on a prominent executive's life that the business purchases. The company, which also pays the insurance policy premiums, is the plan's beneficiary.
Do small firms need key person insurance?
The owner, the company's founders, or even one or two key employees can be considered the key person in a small business. Whether the person's absence would result in significant financial harm to the business is the main criterion for qualification.
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