Who would most likely be considered a key person in a business?

In the context of a business, a key person is typically someone whose knowledge, skills, or exceptional contributions are vital to the company's overall success and operational stability. An officer of the company, such as a CEO, CFO, or other executive leadership roles, plays a critical role in decision-making, strategy, and managing core business functions. This position usually carries a significant amount of responsibility and influence over the organization's direction, making them an integral part of the company's performance.

Unlike junior employees, interns, or temporary workers, an officer generally has long-term commitment to the company, extensive industry experience, and access to proprietary information that makes their absence particularly impactful. Therefore, it's clear why an officer of the company would be considered a key person crucial enough to potentially warrant a key person insurance policy, which helps protect the business against the financial loss associated with their absence, such as due to death, disability, or other unforeseen circumstances.