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Is your business more vulnerable than you think?
Its widely acknowledged that the success of almost all small and medium-sized businesses is dependent on a few people who make a significant contribution.
These key people can be spread across the business and include the owners, senior directors, sales people, production managers, research and development staff or other people with specialist skills or knowledge.
Regardless of what the key person does, their loss could have disastrous consequences for the business. Some of the problems the business may face are:
- Loss of profits.
- The need to recruit or train a replacement.
- Loss of important personal or business contacts.
- Difficulties in meeting existing loan repayments.
- Loss of confidence from suppliers and customers.
- Difficulties in raising new finance for new developments.
- Loss of detailed knowledge of the businesses processes and systems.
- Having to repay a loan the key person has made to the business.
- Loss of goodwill.
Specialist Key Man Insurance
Keyman insurance is a policy which can protect your business against financial losses, including protecting against the loss of a key employee because of illness or death. We can search from many of the top providers of Key Person Insurance in the UK to find a policy that is perfectly suited for you and your business.
Regardless if what you are protecting, be that a loan, shares or shareholders, perhaps you simply need to protect agains that financial loss that could be incurred if your top sales person was lost we can help.
Keyman Insurance - A Definition
Keyman insurance can be directly compared to any insurance policy taken out to protect the repayment of any financial liability. The difference with regards to keyman insurance is quite simply who the beneficiary is. Rather than being a spouse for example in the case of a mortgage protection policy its is the company the receives the payout. Essentially the policy is in place to offer protection to the business that, in the event of the loss of an employee through death or even critical illness, any financial issues can be resolved.
More often than not larger enterprises ensure this kind of cover is in place, however smaller business can often over look the benefits of this type of cover or in some cases are not even aware that they could be protected at all. Generally speaking businesses don;t think twice about insuring material assets and stock, but in some cases overlook that the most important aspect of their business is the human one.
There are various types of insurance that you may wish to consider:
- A policy which insurance a keyperson and can guarantee a specified income should that person be unable to work
- A policy which can cover the loss of profit that may result in the absence of an employee
- A policy which can provide funds to directors and shareholders which may be used to buy shares in the event that a director is lost
- Keyman Insurance to cover people in the business that have personal involvement in the guarantee of loans
When considering this kind of cover it can be useful to define exactly who the key people in the business might be. Examples of these could be:
- People closely involved in the development of the business
- People who's absence from the business would cause a measurable loss of sales and profits
- Members of the board, and important partners or shareholders
- Specialist managers or people with knowledge that is crucial to the business
Think of it as protecting your profit. When you offset the cost of replacing an key employee against the potential losses caused by losing them, in many cases a lack of suitable cover could come straight off your bottom line. In many businesses the overall success can often be attributed to only a handful of the staff.
In some cases it may be prudent to protect partners or directors of the business. If a director passes away and their shares are left to their family it is quite likely that whoever inherits the shares may be unsuitable or unqualified in the ongoing responsibilities the shares carry. A policy can be put in place that will provide a cash sum to the business to enable it to purchase shares in these circumstances and ensure the ongoing proper running of the business. In addition to their shares, it is often the case that when a business requires finance or credit, a personal guarantee may be required by a director. A keyman insurance policy can cover this guarantee and offer peace of mind not only to the business but potentially to the deceased directors family aswell.
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