As part of a recent survey Legal & General questioned members of the British Chamber of Commerce. The results show 44 per cent of business owners say that their business would fold within 12 months of the death or critical illness of a key person.
However, only 4 per cent of business owners questioned say they have shareholder protection in place and 48 per cent do not have any formal agreement to establish what would happen in the event of the death of a business owner.
Half of the businesses surveyed have corporate debt, but just 46 per cent of these businesses have life or critical illness policies in place to cover the money owed.
The reality is that businesses, and in particular small businesses, usually rely on a small number of key people for success. If one of more of these people is not around to do their job, this can impact on sales volumes, staff morale and bank confidence.
You may think that you have adequate Key Person, Shareholder and Partnership Protection in place, but have you considered:
- When were the arrangements last reviewed?
- Does it cover the correct individuals?
- Are the levels adequate and is the cover correct?
At Helix Healthcare, we are offering a free Insurance review to all BNN members to look at any existing arrangements and talk about the solutions that are available.
Don’t delay ! If your cover is inadequate or out of date, then it is better to find out now and be able to do something about it, rather than risk the shock of finding out when you need to make a claim.’
Please speak to Jim Frayne at Helix Healthcare Mob 07738 042797 http://www.helixhealth.co.uk
Filed under: Offers To Members - Manchester
