Protecting Your Business
Every business protects itself by the use of various insurance policies such as property insurance, business assets insurance, public liability insurance, employer liability insurance, professional indemnity insurance, vehicle insurance and business interruption insurance, to name but a few. Unfortunately one of the areas traditionally overlooked by businesses is the asset which provides the income to pay the salaries of the employees and the profits for the company and those assets are the key people within your business.
It may well be a worthwhile exercise to ask yourself the following questions
- Would your business suffer if a key person, especially a major profit generator died?
- Do you have at least ONE key person in your firm?
- If a key member of your company suffered from an illness or disability, which resulted in long term absence would the business still be operating in 12 months time and would the profits remain intact?
Many businesses fail to protect themselves from the financial consequences of the loss of one or more of their most important assets, namely the key people that they employ. For many businesses, the untimely death or disablement of a director or a key member of staff could be at best inconvenient or at worst financially disastrous.
This type of cover is designed to insure a variety of key workers, for example, the managing director/CEO, head of sales, project manager, IT or finance director.
The proceeds from the cover can be used in a number of different ways, i.e. the replacement cost of the key worker, any payment penalties if a project overruns, helping to shore up profits or to cover an overdraft.
The fewer employees a company has the more it will depend on one or two key employees.
For more information or to arrange a meeting on how we can help you protect your business please contact Mark Beckett.