Is your business covered?
Published ¤ 12/04/2011 15:37:12
Is your business fit and healthy? How about the health of your key employees? Do you know what you would do in the event of a key employee dying?
In a recent survey carried out by Legal & General and the Institute of Directors, a majority* of businesses had no formal agreement in place to establish what would happen in the event of the death or critical illness of a business owner. What's more, a significant number** had made no provision to cover the loss of a key person. The survey also identified that 39% of businesses would cease trading if the business owner died.
On a brighter note, the survey also demonstrated a positive mood with the directors participating, with many predicting business growth and fears of recession fading. Despite this change in outlook, many companies are not protecting the key individuals charged with driving this growth.
Financial protection is a crucial part of the financial planning process for your business. Many businesses insure against the breakdown of vehicles, premises, business critical machinery but how about business critical employees? Unfortunately, it is one area that is often overlooked. How long could your business survive following the loss or serious illness of a key individual?
That is why you need to take steps to protect your business now. At PKS we can tailor protection plans to the particular needs of your business. We can take into account a number of factors to ensure we get the right cover for you at the right price. We would be more than happy to discuss your needs, so give us a call today.
*Source: 58% of businesses have no agreement in place. Legal & General - March 2011
** 41% do not have provisions in place.
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