Loss of Income

Loss of a Key Person
Loss of a key person in a business refers to the significant impact on the firm due to the departure of an essential individual from the organization due to death, disability, sickness, resignation, incarceration, or retirement. It can lead to financial instability, loss of market share, and additional expenses in training replacements. Key person insurance helps mitigate these risks.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.