The majority of small and medium sized enterprises (SMEs) have no key worker protection in place, despite death of a business owner emerging as the most disruptive potential scenario a business can face.
An investigation into the protection habits of 500 UK businesses commissioned by Legal & General found that death of a business owner was identified as the most disruptive possible scenario by 43%, compared with 23% who specified fire damage and 14% who cited critical illness. Despite this, 57% of do not have any form of protection to safeguard the business against the risks associated with losing the owner. The results show 12% of SMEs owners predict their business would cease trading immediately as a result of the death or critical illness of a key worker or business owner. A fu...
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