Labor Day is a United States federal holiday observed on the first Monday in September (September 6 in 2010).

The first Labor Day in the United States was celebrated on September 5, 1882 in New York City. In the aftermath of the deaths of a number of workers at the hands of the U.S. military and U.S. Marshals during the 1894 Pullman Strike, President Grover Cleveland put reconciliation with Labor as a top political priority. Fearing further conflict, legislation making Labor Day a national holiday was rushed through Congress unanimously and signed into law a mere six days after the end of the strike. Cleveland was also concerned that aligning an American labor holiday with existing international May Day celebrations would stir up negative emotions linked to the Haymarket Affair. By the 20th century, all 50 U.S. States have made Labor Day a state holiday.

The form for the celebration of Labor Day was outlined in the first proposal of the holiday: A street parade to exhibit to the public "the strength and esprit de corps of the trade and labor organizations," followed by a festival for the workers and their families. This became the pattern for Labor Day celebrations. Speeches by prominent men and women were introduced later, as more emphasis was placed upon the economic and civil significance of the holiday. Still later, by a resolution of the American Federation of Labor convention of 1909, the Sunday preceding Labor Day was adopted as Labor Sunday and dedicated to the spiritual and educational aspects of the labor movement.

Traditionally, Labor Day is celebrated by most Americans as the symbolic end of the summer. The holiday is often regarded as a day of rest and parades. Speeches or political demonstrations are more low-key than May 1 Labor Day celebrations in most countries, although events held by labor organizations often feature political themes and appearances by candidates for office, especially in election years. Forms of celebration include picnics, barbecues, fireworks displays, water sports, and public art events. Families with school-age children take it as the last chance to travel before the end of summer recess. Similarly, some teenagers and young adults view it as the last weekend for parties before returning to school, although school starting times now vary.

In U.S. sports, Labor Day marks the beginning of the NFL and college football seasons. NCAA teams usually play their first games the week before Labor Day, with the NFL traditionally playing their first game the Thursday following Labor Day. The Southern 500/NASCAR auto race was held that day from 1950 to 2004.

Key person insurance, also formerly called key man insurance, is an important form of business insurance. There is no legal definition for "key person insurance". In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s usefulness to the business. The aim is to compensate the business for losses and facilitate business continuity. Key person insurance does not indemnify  the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.

An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.

There are four categories of loss for which key person insurance can provide compensation:

1. Losses related to the extended period when a key person is unable to work, to provide temporary personnel and, if necessary to finance the recruitment and training of a replacement.
2. Insurance to protect profits. For example, offsetting lost income from lost sales, losses resulting from the delay or cancellation of any business project that the key person was involved in, loss of opportunity to expand, loss of specialised skills or knowledge.
3. Insurance to protect shareholders or partnership interests. Typically this is insurance to enable shareholdings or partnership interests to be purchased by existing shareholders or partners.
4. Insurance for anyone involved in guaranteeing business loans or banking facilities. The value of insurance coverage is arranged to equal the value of the guarantee.

A key person can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, the person could be a director of the company, a partner, a key sales person, key project manager, or someone with specific skills or knowledge which is especially valuable to the company.

Call us for more details about how key person insurance can help your company thrive.