Protect your key men

clock

All successful businesses need to protect the financial well being of the company by paying good salaries and implementing tax efficient strategies to attract, retain and reward valuable management and staff.

Unfortunately, that’s where the thinking of many directors ends – pay enough money and we will get the best people. Few stop to consider what happens to the business should they lose a key driver in a successful firm. The smaller the enterprise, the more vulnerable it is likely to be to the loss of key personnel through death or serious illness. The death or permanent incapacity of a sole trader, for example, can literally entail the death of the business. This is where independent financial advisers could be doing more by suggesting the firm take out cover in the form of keyman assuran...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read
Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

'Income protection products are more important than ever'

Cameron Roberts
clock 26 February 2024 • 1 min read
'What if': Why business protection advice is so important

'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

Naomi Greatorex
clock 08 February 2024 • 4 min read