Protecting Business Income and Key Staff

If you ask which is more important to your company, your Sales Director or the car he drives, the answer is simple. But which one have you got insured? Protecting your business against the unexpected is vital, and help at the times you need help can be the difference between overcoming the unexpected, or falling foul of it.

It is clear that a sole trader relies on only himself for income. Should he be unable to work then the company would be unable to trade. Increasingly however, both large and small businesses often depend on the talents and skills of just a few key employees to remain profitable. They could be your top salesman or researcher, a key executive or manager, or just a long standing employee who has carved out a unique role with their business knowledge and understanding.

As the business is dependent upon these employees should one or more of these key employees die or become unable to work through illness or accident the long term viability of the company would be jeopardised or even affected irrevocably.

Jigsaw specialise in analysing these threats and providing solutions for businesses large and small. We use tools such as key person or key man insurance, critical illness or income protection insurance. Should something happen to a vital employee these policies provide financial assistance to companies which can be used to stabilise the business in the transition period. They can be used to sub for lost revenue over a short period or to pay for one or two employees to fill the previous role, or to pay the original member of staff whilst they are ill so that the company has the budget to try and replace and train a suitable replacement from the open market.

Having in place a strategy to ensure that a business can continue to trade without major disruption in the event of loss of a key member of staff gives assurance and peace of mind to business owners, controllers and shareholders alike.

For a free, no obligation consultation and review of your business continuance strategy, please contact us to see how we can help, or call 02380 004444.

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