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The fact is many small and medium-sized businesses rely on certain key people. It could be the sales manager, whose contacts and relationships with customers make sure that sales remain on target and the business is profitable, or it could be a designer responsible for the development of new products. Without these people the business could suffer serious financial loss, or even have to stop trading altogether. But it’s not just about the loss of profit a business could suffer. What would happen if one of the owners died or suffered a critical illness? Who would take their place in the boardroom? Would that person have the skills necessary to fill the role? Would they want to? Are there arrangements in place to buy out a shareholder following a critical illness or their family on death of the shareholder? Business protection is designed to protect businesses against the effects of losing one of their key people or one of the owners through death, critical illness or temporary disability. |
Most businesses understand the need to manage the risks they face every day. They insure their premises, equipment and stock against fire, flood and theft. They insure their vehicles. But many don’t stop to think what would happen if they lost their most important asset –
their people. |
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