Few companies insure against loss of key members

Nearly half (44%) of business owners say that their business would fold within 12 months of the death or critical illness of a key person, yet only 4% have stakeholder protection in place. Research from Legal & General found that only half had any formal agreement to establish what would happen in the event of the death of a business owner. Half the businesses surveyed had corporate debt, with almost 40% of those that do holding more than £100,000, yet just 46% of these businesses have life or critical illness policies in place to cover that money owed. The survey indicated 28% of busin...