Keyman Insurance - have you heard of it? It provides insurance for the ( remortgages ) business in case a key person is unable to contribute for health reasons or death. Small businesses take note - this article applies to you.
Keyman Insurance - small businesses shouldnt be without it
Author: Anna Richardson (medical insurance)
"My names Richard, I am 45 years old and I am a co-director of a small company. We employ seven people.
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"The accident had been pushed onto the hard shoulder by the time I approached. Two cars and a lorry had a bad smash and I doubt either of the car drivers survived. If I had left 10 minutes earlier, that could have been me in that crash. It was a ( home insurance ) sobering thought. At least I have life insurance and a will, so I know that my family would be able to financially cope without me.
"Then I thought about my other major responsibility, my business. We are covered in every way - weve got public liability and professional indemnity insurance, the stock ( best mortgages ) and vehicles are all covered, weve got an overdraft to help us out when needed. Weve even got legal protection insurance. But what would happen to the business without my contribution?
"I take care of many aspects of the business, its a small company so we all do more than one job. I make all the relationships with suppliers and clients and keep them happy, I also take care of everything on the financial side. I know that business like the back of my hand. Without me and my knowledge, I think the others would find it very difficult. ( cheap car insurance ) If Sally, our best saleswoman, had an accident, we would find it very difficult without her. Similarly, if my co-director died or was too ill to work anymore, how would we manage without him? (home insurance quotes)
"It wouldnt take long for the Bank to call and ask what would be happening with his 50% share of the company. Id be left in a position where Id have to buy the shares if I wanted to keep the company as my own. Id also need to bring in another employee at director level to keep the business going, and build it up again. At that level it would be very costly and very time consuming, getting the right person to fit in to a small business can be difficult.
"I started to get really worried - what provisions had we made to ensure that the business would survive if we lost one of your key members of staff?"
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