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A
vital part of
any business
is the people
that work there.
So it can have
a major financial
impact if
an important
member of staff
dies unexpectedly
or is unable
to work due
to serious illness.
There are people
in every business
that you simply
cannot afford
to lose.
A staff member
may have valuable
contacts that
may be lost.
A technical
expert may be
essential to
the development
of a new product
and maintaining
existing services.
These factors
could cause
severe difficulties
- both practically
and financially.
Small and
medium sized
businesses are
particularly
at risk.
Bearing the
costs of finding
a temporary
or permanent
replacement,
meeting the
demands of financial
liabilities
that could be
called in after
death or enduring
the likely fall
in profits can
be difficult,
but fortunately
key man assurance
provides for
these problems
and should be
a central consideration
for many firms
to protect there
future. Key
man assurance
will replace
the lost profits
caused by the
loss of a key
individual.
More
and more employers
are recognising
that the loss
of key personnel
- either through
death or critical
illness - could
have a major
financial impact
on their business.
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