{"id":10512,"date":"2026-11-03T04:39:20","date_gmt":"2026-11-03T04:39:20","guid":{"rendered":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-review\/"},"modified":"2026-11-10T18:17:34","modified_gmt":"2026-11-10T18:17:34","slug":"key-person-insurance-review","status":"publish","type":"page","link":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-review\/","title":{"rendered":"Key Person Insurance Review for Your Business | Miami"},"content":{"rendered":"\n
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Key Person Insurance | Miami<\/p>

Plan for the People Your Business Depends On<\/h1>

NR CPAs & Business Advisors, a Miami CPA firm, helps business owners review key person insurance with a view of both coverage and cash flow. Start with a coverage review.<\/p>

Call us today<\/a><\/div>
Call us today<\/a><\/div><\/div>\n<\/div><\/div>\n\n\n

By Nischay Rawal \u00b7 Published November 2, 2026<\/p>\n\n

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A key person insurance review for your business is a first meeting where we check the facts before any policy is chosen. We look at who the key people are, what a loss would cost, and what coverage already exists. Only after that do we compare policy types.<\/p>\n

NR CPAs & Business Advisors is a Miami CPA firm. It helps business owners, families and professionals choose life insurance, including Indian-American households and business owners. Life insurance is offered through a licensed insurance agent. Nischay Rawal is the licensed agent responsible for this page. Insurance is offered by the licensed agent, separately from the accounting practice.<\/p>\n

What Key Person Insurance Is and Who It Is For<\/h2>\n

Key person insurance<\/a> is a life insurance policy a business buys on an owner or employee whose work it depends on. The business applies for the policy, pays the premiums, and is the beneficiary. The Insurance Information Institute<\/a> describes this coverage as compensating a business for financial losses caused by a key employee’s death or disability.<\/p>\n

Typical key persons include owner-operators, top sales or technical leaders, and people who hold critical client relationships or licenses. The proceeds go to the company. It decides how to use them, such as covering lost revenue, recruiting a replacement, or paying a business debt.<\/p>\n

This is a generic life insurance policy. It is not an investment or a savings plan.<\/p>\n

Florida law sets rules on who may be insured. Under Fla. Stat. \u00a7 627.404<\/a>, a business may obtain insurance on a person in whose life it has an insurable interest, provided it gets that person’s written consent, which is given by signature on the application. See Fla. Stat. \u00a7 627.404<\/a>.<\/p>\n\n

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If losing one key person would strain your company, call us to schedule a coverage review before any policy is chosen. We start with your business facts. Talk it through with our team — we can walk you through how a situation like yours is usually handled and what your options are.<\/p>

Schedule a coverage review<\/a><\/div>
Schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n\n
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What a Coverage Review Checks Before Any Policy Is Chosen<\/h2>\n

A coverage review is the first meeting with NR CPAs & Business Advisors. It focuses on your company’s facts. We work through four questions:<\/p>\n