Keyman Insurance ? Protect yourself against some of your biggest businesses risks.Posted by Nick Niesen on October 29th, 2010 As a businessman you might have public liability insurance and you insure your buildings, stock and vehicles. You may even have professional indemnity insurance and legal cost insurance. Is that all? What about your other primary assets ? your key staff? Key staff represent the heart of every businesses but no more so than the UK's 3.9 million small, often family, businesses that have up to 4 employees. Prolonged absence through serious illness or even death can be terminal for some of these enterprises. The risks are the same for limited companies, a partnerships and sole traders. In this context Keyman Insurance is a must. Keyman Insurance represents a group of insurance plans all designed to financially protect business from the affects of prolonged illness or even death of staff who are central to the prosperity of the business. The insurance can't replace people but it can provide cash to buy time and cover the costs of temporary staff, recruitment, loss of profits or provide a cash injection. The insurance falls into four categories ? insurance to help your business recover during the extended period when your key personnel are unable to work or to train or recruit a replacement, insurance to protect profits, insurance to protect shareholders or partnership interests, and insurance for anyone involved in guaranteeing businesses loans or banking facilities. Keyman Insurance on those who are central to your business. Insuring these people will provide the extra cash needed to take on temporary staff or recruit and train a replacement. Keyman Insurance to protect your Profits. Keyman Insurance to protect Shareholders or Partners. Keyman Insurance insuring those who provide personal guarantees. Most of the UK's leading insurance companies offer Keyman Insurance as a development of their Life and Critical Illness Insurance interests. They have all the necessary paperwork available to implement the cover you need and ensure the taxman is kept at bay. So, can your business afford to ignore Keyman Insurance? You'll be either a brave or foolish man to say NO! Like it? Share it!More by this author |