{"id":4603,"date":"2026-10-24T04:32:39","date_gmt":"2026-10-24T04:32:39","guid":{"rendered":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-accounting-firm\/"},"modified":"2026-10-29T23:22:03","modified_gmt":"2026-10-29T23:22:03","slug":"key-person-insurance-accounting-firm","status":"publish","type":"page","link":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-accounting-firm\/","title":{"rendered":"Key Person Insurance for Accounting Firms | NR CPAs"},"content":{"rendered":"\n
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Key Person Insurance | Miami, Florida<\/p>

Plan Ahead to Protect Your Business and Your Loved Ones<\/h1>

NR CPAs & Business Advisors helps Florida business owners and their families understand key person life insurance, with a CPA's view of how it fits your company's cash flow. Insurance is offered by Nischay Rawal, a licensed insurance agent.<\/p>

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

By Nischay Rawal \u00b7 Published October 24, 2026<\/p>\n\n

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Key person insurance for an accounting firm is life insurance the firm owns on a partner or owner whose work holds the practice together. If that person dies, the policy pays the business. This page explains what the coverage is, what the money can fund, and how a coverage review starts. Your firm’s facts shape the final design.<\/p>\n

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

Key person insurance is life insurance a business owns on a key employee, with the business named as beneficiary. The Insurance Information Institute<\/a> says it compensates a business for financial losses caused by a key employee’s death or disability.<\/p>\n

In an accounting firm, the key person is often a managing partner, principal or owner who holds client relationships or carries a large share of revenue. Losing that person can disrupt billing, staffing and client trust at the same time.<\/p>\n

A business may insure an owner, partner, officer or key employee only if that person gives written consent before the policy is bought. The business may not retaliate against someone who says no (Fla. Stat. \u00a7 627.404<\/a>).<\/p>\n

Structure follows the entity type. In a partnership or LLC, the firm usually owns the policy. A sole proprietorship has no separate owner apart from the owner, so planning centers on personal coverage and a succession plan.<\/p>\n

Nischay Rawal is acting as the licensed insurance agent on this page. Florida requires an agent to be licensed and appointed before acting as one (Fla. Stat. \u00a7 626.112<\/a>). Insurance is offered by the licensed agent, separately from the accounting practice.<\/p>\n\n

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Not sure what your next step is?<\/h3>

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

What the Policy Covers and What the Proceeds Can Fund<\/h2>\n

The death benefit goes to the business, and the firm decides how to spend it. That gives the firm flexibility, but it is not a promise to replace any specific loss.<\/p>\n

Common uses tied to accounting work include:<\/p>\n