So many firms routinely insure their tangible assets against theft, fire or damage but very few realise that the loss of their most important assets, key employees, is likely to have a far more damaging effect on their business.
Take the example of a partnership. How would your business cope if a partner died suddenly or became critically ill and unable to work? Where would the funds come from to buy out his or her share of the business, repay loans or find a replacement? The same is true of directors, particularly those of small to medium sized businesses. Even large companies who rely on key business producers or managers should have some form of protection against the worst happening.
Death, critical illness and loss of income can all be insured against, and indeed should be insured against as part of your business protection planning. Here at IFS we provide keyperson, shareholder and partnership protection solutions which cater for businesses of all sizes.
Sunday 24th February, 2019
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BBC News - Business