Zurich: SMEs 'taking a gamble' without key person cover

clock

Almost two thirds of small and medium sized enterprises (SMEs) are at risk of a "severe impact" on their business by having no protection insurance for their owners and key employees, Zurich has warned.

The lack of cover is at odds with an awareness among business chiefs of the problems that could ensue if key people were no longer able to work at the firm. Zurich's SME Risk Index, which polled 513 senior decision makers from SMEs, found 56% believed the death or critical illness of business owners is the biggest risk to a company's long-term success. Meanwhile, 45% highlighted the death or critical illness of key employees as a major risk. Half of the respondents who said that the death or critical illness of a business owner or key employee would have a negative impact on the bu...

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