Dangerous lack of protection cover exposes small businesses - Scottish Widows


Almost two-thirds (63%) of small, family-run businesses would not survive the loss of a key member of staff, according to Scottish Widows.

However, the Scottish Widows Business Protection Report found the majority of businesses are still reluctant to protect themselves from the unexpected. Only 6% of UK businesses have financial protection to cover the death of key person while only 4% have protection for a key person suffering a critical illness. It surmised that by nature smaller businesses are more exposed to certain risks and in particular the loss of a key player. Yet, despite this, 60% say they do not think they need a protection policy in place. John Walker, Chairman, Federation of Small Businesses, agreed this...

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