You will have people in your business who are key players in the success or failure of your company. Keyman insurance for a Lichfield business could save you from disaster. This business protection is also known as Key Person Protection and Key Person Insurance.
It is not something any of us like to think about, but every day people are diagnosed with critical illnesses and we often hear of people who die unexpectedly. Whilst this is distressing for their family it can be devastating for their work colleagues. Keyman insurance for Lichfield based businesses is well worth thinking about.
This kind of cover protects businesses from the crippling financial and operational effects of a key person dying or being unable to work and is widely available. But it is essential to get business related financial advice from an adviser who will take time to understand your business and is experienced and able to advise you correctly. You need to be careful to ensure that you understand what critical illnesses are covered, as if they are not specified in the policy you may not get the payout you need. Also, there will be terms and conditions that apply to the keyman insurance for your Lichfield business.
There is a lot more information on our Corporate Financial Services Page but in short you can safeguard your business by protecting losses caused by a key person not being able to work, protecting business loans, overdrafts or investments. With a payout from a keyman insurance your Lichfield based business could find and hire a replacement because the danger is you try to carry on but without the skills or knowledge of the key person whilst increasing the workload of colleagues, which is not sustainable in the longer term.
As Financial Advisers in we have a great deal of experience providing businesses in Lichfield with Keyman Insurance. Our first meeting is at our cost and without obligation. Please contact us to see how we can help.