Have you ever stopped to think about what might happen to your business if you lost one of your key members of staff?

You might already have insured your premises, equipment and stock, but what about the people who play the biggest part in your organisation’s success? For example, if your best sales person became critically ill, how would the income they bring to your business be replaced? Does anyone else have the same expertise?

As a business owner, you may be reading this and thinking, “It will never happen to me”, but sadly, statistically there’s a 74% chance of one person in a group of four all aged 40 being diagnosed with a critical illness during their working life.

Losing a key person could be disastrous for the survival of a business.

Legal and General research shows that 53% of businesses think they would cease trading in under a year after the death/ critical illness of a key person.

Key person cover provides a financial safety net if a key member of staff dies or is diagnosed with a serious illness*. The claim is paid as a lump sum to the company or partners, allowing breathing space to help keep the business trading as normal, replace lost profit or finding/hiring a replacement.

Is it time to review your current plan?

Perhaps you already have protection in place, but you wonder whether it offers real value? There are now products on the market that offer a ‘menu’ facility, which means you can pick and choose different types of protection in one plan to suit your exact needs and budget. This can give you more comprehensive cover and can even help reduce the cost. And some products offer more than just a financial pay out.

Royal London has one such protection plan. They offer support through their ‘Helping Hand’ service. This includes access to a qualified nurse as well as recruitment and legal experts from the day the plan starts. You can also use a range of independent helplines that give medical, career and legal advice.

How much will it cost your business?

The price will vary depending on the person’s age, health, job, the amount of cover needed and maybe even certain hobbies. The policy you buy is there to protect your business – not anyone else’s – so it’s worth finding a policy that will exactly suit your needs.

Without any business protection at all, you could end up risking everything you’ve worked so hard to achieve. If you’d like us to help you protect your business and you’d like to find out more or if you want to get an accurate quote, give us a call on 0800 612 8005. Our experts will talk you through your options and make sure you’ve got the right policy for your business needs.

*If critical illness is selected.