{"id":8036,"date":"2026-10-30T02:52:41","date_gmt":"2026-10-30T02:52:41","guid":{"rendered":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-consulting-firm-owner\/"},"modified":"2026-10-30T05:45:49","modified_gmt":"2026-10-30T05:45:49","slug":"key-person-insurance-consulting-firm-owner","status":"publish","type":"page","link":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-consulting-firm-owner\/","title":{"rendered":"Key Person Insurance for Consulting Firms in Florida"},"content":{"rendered":"\n
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Key Person Insurance | Florida<\/p>

Protect Your Consulting Firm When a Key Person Is Lost<\/h1>

Key person insurance can help a Florida consulting firm keep its footing if a principal or essential team member dies. NR CPAs & Business Advisors, a Miami CPA firm, helps owners review the coverage and the tax and cash flow picture together.<\/p>

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

By Nischay Rawal \u00b7 Published October 29, 2026<\/p>\n\n

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Key person insurance<\/a> for a consulting firm is a life insurance policy the business owns on an essential person. If that person dies, the death benefit is paid to the business, not to the family.<\/p>\n

This page explains how the coverage works, what it does not cover, and which tax points a CPA reviews. NR CPAs & Business Advisors is a Miami CPA firm. Nischay Rawal, a licensed insurance agent, offers the insurance, separately from the firm’s accounting practice.<\/p>\n

What key person insurance is and who a consulting firm needs it for<\/h2>\n

The business pays the premiums and receives the death benefit. The Insurance Information Institute<\/a> explains that this coverage compensates a business for financial losses caused by a key employee’s death or disability.<\/p>\n

This is a business policy, not a family policy. A personal policy protects a family. A key person policy protects the business from losing one person’s value.<\/p>\n

It fits a founder, principal or partner whose name, relationships or methods drive client work. It also fits a senior person who holds the main contacts for key accounts.<\/p>\n

Florida has a consent rule. Florida law sets an insurable-interest requirement for a business that insures the life of an owner, officer, partner, manager or key person, and the signed application is treated as that person’s written consent. See Fla. Stat. \u00a7 627.404<\/a>.<\/p>\n\n

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If you're researching this after a partner's illness or a sudden loss in your practice, we can walk through your options in a coverage review. 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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Why client relationships make one person a key person<\/h2>\n

A person becomes a key person when clients buy from that individual, not only from the firm’s name. When that person dies, work can stall even if the staff remains.<\/p>\n

Common exposures in a consulting practice include:<\/p>\n