Protecting Key People

Key Man

Running your own business? How many people work for you and how important are they individually? What would happen if you, your key ideas man or your best saleswoman were suddenly taken out of the picture? Would your business cope? How long would it be before you could replace them? How much money would you have lost in the interim?

You can take out cover that will protect these key individuals if they die or suffer a serious illness so that your company gets a critical injection of finances when you really need it. This will help you find a replacement, cover lost orders or cover for non-delivery of services.

Smaller businesses are so vulnerable to the losses of key individuals, particularly you - who may be the key driver of the business. You would insure your car so why wouldn't you ensure something far more valuable?

Shareholder/ Partnership Insurance

You are running a business with some colleagues and you all own shares and work in the business. What happens if one of you dies - where do the shares go? Do you know who you will be running a business with? Their partner? Children? The state? Do you have the money to buy back the shares if that is the case? If it was your family, what would they rather have shares or cash?

You can put together cross-option arrangements with appropriate wills, life cover and trusts to make sure that, as a survivor, your business is protected. This will ensure if you die your family get the benefits they deserve from all of your hard work.

Picture it - you wake up tomorrow and suddenly half your company is owned by someone you don’t even know because they inherited it from your deceased business partner. That's scary!


How hard is it to employ the right people, recruit them, train them, develop them and then find they suddenly leave for a better job and better benefits? It is hard to argue that most employees aren’t key to a business and there are some simple ways to win them over.

There are some standard benefits like D-I-S, income protection and private medical help, but what about childcare vouchers, luncheon vouchers, ‘Bike To Work' schemes and just as importantly financial advice surgeries?

You can be a great employer in so many ways and employee loyalty can be enhanced if you show you care about the little things as well.

Key Fact: Corporation tax has been cut to 20%, coming into effect from April 2015. This means the UK will have the lowest rate of corporation tax in Europe - and that should mean that we see a lot more businesses who want to come and ‘set up shop’ in the UK.

Do you have enough protection
your family