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Businesses Protection
Businesses may want to protect the key employees within their firm - perhaps the key salesperson, or the IT manager without whom the business will not function properly.
Keyperson protection can provide a fixed sum should the individual be unable work, or even die.
The benefit will be designed to cover the firm's expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.
Similarly, if a key shareholder was to pass away, the firms remaining shareholders or directors may want to purchase the deceased's shares from their estate promptly to maintain control of their business
When considering risk within your business ask yourself the following questions
Who are the most important people in your company?
Which people are key to the profitability of the company and why?
Looking at each person, If they died or became seriously ill:
Would sales be lost?
Would customer confidence be affected?
Would useful contacts be lost?
Would bank loans be recalled or further finance be difficult to obtain?
Would product development/design be lost or restricted?
Would their administration or management contribution be missed?
Would there be any employee relationship consequences?
If you are concerned about any of the above issues that may affect your businesss please enquire further.