- 7th July 2013
- Posted by: clivebarrett
- Category: The Leader Board
YOU may think your business is secure – and that aspects like third party, fire and theft are all comprehensively covered!
And yet, being fully prepared for the eventuality that could rock your firm to the foundations is often overlooked.
More than half of medium-term businesses are said to unprepared for their worse-case scenario – the death of their owner.
While businesses ranked the event as the worst possible thing that could happen – with many predicting they would cease trading immediately – others admitted it would have a fatal impact on the firm within two years.
There are serious implications for not taking out keyperson insurance, which pays out a lump sum on the death of the business owner or a vital employee.
Taking out cover can safeguard a company by covering financial commitments or recruiting replacements. Recruitment fees, lost profits and even the costs of instructing the sale of the business can be catered for.
So, the prudent thing to do is to make sure your death does not have a massive impact on the very people who love and support you, your family and employees.
Time to act. Do it today!