Does your business need Key Person Insurance?

Did you know that according to the Office of National Statistics, 95.6% of small businesses, last year, within the UK were registered with fewer than 10 people in the office? What would you do if a key person(s), either the founder, owner or key employee within your business was unfortunately diagnosed with a critical illness or was involved in an accident?

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You’re the only one holding the baby!

Since 2011 the number of start-ups businesses launched in Britain has significantly increased year-on-year. Today alone there have been 2476 new businesses launched.

Whether you’re at the beginning of your entrepreneurial journey with your business already launched, or you are just thinking about starting your own business – key person insurance should be on your list of essential things to consider. (more…)

Key Person Insurance – What is it and why does your business need it?

Key Person Insurance – What is it and why does your business need it?

Key Person cooldesignWhilst we all like to be equal – the harsh reality is in that small businesses particularly, there are key people who are more crucial to our ongoing business than others.

Key person insurance (also known as key man insurance), ensures that the business is financially protected from the loss or absence of the people/person who are so crucial that their extended absence would see a loss in profits (or even just a more general financial loss from recruitment and training of a replacement, customers losing confidence in the company or loss of contracts established by that key person). (more…)