While most small businesses would recognise the importance of insuring their premises, stock and essential machinery against the possibility of disaster, many fail to acknowledge that their most critical assets are likely to be key members of staff.
Many have not given any thought to how the day-to-day running of their business would be affected in the event of a key executive, salesperson, technician or manager dying or suffering from a critical illness.
The loss of a key member of staff with specialist expertise can have a potentially devastating effect on a business, especially if the deceased or critically ill person is the only one able to do a certain job.
By taking out keyman insurance, businesses can protect themselves against such risks. Such policies can help to fund the costs of recruiting or training replacements and can go some way to replace lost profits or revenue.
Our keyman insurance specialists can advise you on the best solution for the future of your business.