Keyman Protection

What event do you think would have the biggest impact on your business?  A fire destroying your premises or the death or critical illness of a business owner or key employee? 

It is highly likely that all businesses have some form of insurance in place to cover tangible assets such as buildings or machinery, however do you have protection in place for your key individuals?  Have you even considered the impact that losing their input would have?

The cost of employing another individual to replace your key person and to re-train that person can cost thousands, and that is before you consider the potential loss of business.  A Keyman protection policy will pay a lump sum to the business, which will enable you to make the necessary arrangements for a replacement.  The funds could assist with cash flow during the transition with the aim of ensuring that the business can continue rather than wind down altogether.  This is particularly important where the family of the deceased or infirm rely on the business to provide an income for them, not to mention any other employees involved.

These policies are fairly easy to arrange and should be reviewed every few years as the business grows.

For further information speak to Simon Ludden, Financial Planning Manager on 01227 763939.

Quick contact

Furley Page Solicitors in Kent, London, Canterbury, Chatham & Whitstable
Get in touch on 0845 603 10 57