Business Protection Insurance – Does You Business Need It?

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new roman’, times; font-size: 20px;”>Author Name – Byron P Asder
new roman’, times; font-size: 20px;”>Do you have a key staff member your business couldn’t run without?
new roman’, times; font-size: 20px;”>If the answer is yes, you need key man insurance or business protection insurance. Its as simple as that. If you have a member of staff integral to the running of your business protecting them is of upmost importance. In almost any business there will be key members of staff which make a key contribution to the company’s profitability and general running. These tend to be managing directors, technology specialists and sales managers.
new roman’, times; font-size: 20px;”>One of the main things you should consider whilst looking at taking out key man insurance is the financial security of your business. For example would the company have sufficient funds for the replacement and training of new staff members? To replace an integral member of staff it is almost guaranteed to be an expensive and drawn out process, finding someone with the same experience and knowledge wouldn’t be easy. Having a lump sum available to cover the costs of wages and training can take away a large strain from the business, especially at a vulnerable time. Having a lump sum available also means the business will not struggle to find finances for expansion or venue changes. Insuring a key person on your team is a sensible decision for the business. It just makes sense.
new roman’, times; font-size: 20px;”>Another reason to think about whether your business needs key man insurance is if you have a business loan. The business itself may be able to survive the loss of a key person, but would it be able to cope financially? If there are two guarantors on a business loan would one be left responsible? Would the company have difficulty meeting loan repayments which in effect would hurt the business?
new roman’, times; font-size: 20px;”>If your business needs key man insurance or you want more information or have any questions visit key man insurance business Protection Adviser today. They will search the market for you to find the best business protection available for the lowest price. The service is completely free and they can give you the help and advice you may need to get the best plan for your business.
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