Business Protection

The people within your business are the most valued asset you possess. How would you cope with the sudden death, long term disability or even short term illness of your key people?

Key People

• Anyone who you deem vital to the future of your business
• Your sales manager who has developed so many contacts
• Your research experts whose contribution is irreplaceable
• As owners of the business, there is the question of shares
• You also work long hours, how many people would you need?
• Anyone who has secured finance or loans need to be insured
• People with specialist skills
• Managers
• Anyone who is crucial to the day to day running of the business

Problems to think about

• Disruption of unfinished projects
• Cost of recruiting and training a successor
• Business may fold
• Loss of profits
• There may be debts left or costs to cover to replace you
• Shares would be passed to the deceased's estate, meaning loss of full control
• Difficulties in securing new finance
• The loss of people with specialised skills will make it difficult for the company to meet contracts or run efficiently
• Loss of existing contracts
• Loss of goodwill
• Loss of knowledge & expertise