"Experience is simply the name we give our mistakes."Oscar Wilde
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As a businessman you might have public liability insurance and you insure your buildings, stock and vehicles. You may even have professional indemnity insurance and legal cost insurance. Is that all? What about your other primary assets - your key staff?
Key staff represent the heart of every businesses but no more so than the UK's 3.9 million small, often family, businesses that have up to 4 employees. Prolonged absence through serious illness or even death can be terminal for some of these enterprises. The risks are the same for limited companies, a partnerships and sole traders.
In this context Keyman Insurance is a must. Keyman Insurance represents a group of insurance plans all designed to financially protect business from the affects of prolonged illness or even death of staff who are central to the prosperity of the business. The insurance can't replace people but it can provide cash to buy time and cover the costs of temporary staff, recruitment, loss of profits or provide a cash injection.
The insurance falls into four categories - insurance to help your business recover during the extended period when your key personnel are unable to work or to train or recruit a replacement, insurance to protect profits, insurance to protect shareholders or partnership interests, and insurance for anyone involved in guaranteeing businesses loans or banking facilities.
Keyman Insurance on those who are central to your business. Who are your key people? They are the ones who steer, create and drive your business. The people without whom your business would lose sales and profits or without whom even the basic viability of your business would be shaken. Look at the Directors, Partners, owners and beyond. Consider the roles of senior managers in sales, technical development and operations - the roles will change in every business but the candidates are sure to jump out at you.
Insuring these people will provide the extra cash needed to take on temporary staff or recruit and train a replacement.
Keyman Insurance to protect your Profits. The effect of losing key staff goes well beyond simply the cost of their salaries and the cost of replacement. As they're central to the businesses prosperity, their loss will knock on to the bottom line. You can insure for loss of profits too!
Keyman Insurance to protect Shareholders or Partners. Here we are talking about insurance to protect interests in the event of long-term illness or death. Families may want to sell their stake in the business but the remaining members in the business may not want those stakes held by newcomers. Keyman insurance schemes can be implemented which provide the necessary finance to buy the shares from the original shareholders or their estate.
Keyman Insurance insuring those who provide personal guarantees. When a business takes out a loan or raises bank finance the lender is quite likely to require a personal guarantee or a charge on their personal property. This especially applies to small and new businesses. So what happens if these guarantors become seriously ill or die? The lenders may well be in a position to call in the loan. What happens then? Again, Keyman Insurance is the answer. Insurance can be structured to pay-off the loan and thus free the business and the guarantor's family, from major worry.
Most of the UK's leading insurance companies offer Keyman Insurance as a development of their Life and Critical Illness Insurance interests. They have all the necessary paperwork available to implement the cover you need and ensure the taxman is kept at bay.
So, can your business afford to ignore Keyman Insurance? You'll be either a brave or foolish man to say NO!
About the author:
Michael is an exclusive financial writer who writes articles primarily about UK family finance forExpress Life Insurance Quotes.More Topics Will my premiums grow
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 R. Muller, insurance agent (The Philadelphia Inquirer)
As Robert Muller wound down his days as an insurance agent, he found his voice."He enjoyed singing his whole life," Phillip Muller said yesterday of his father, who died Dec. 30 at 76 of congestive heart failure at home in Jamison, Bucks County. But in the late 1990s Mr. Muller went public by joining the Copper Penny Players in Sergeantsville, N.J.
DSGi suffers further insurance setback (VNU Net via Yahoo! UK & Ireland News)
DSG international (DSGi) has been dealt a further blow after credit insurance giant Euler Hermes reduced its cover this week.
CONTRACTOR CHARGED WITH MAKING FALSE RM1.2 MLN INSURANCE CLAIM (Bernama via Yahoo! Malaysia News)
PETALING JAYA, Jan 7 (Bernama) -- A contractor, Wong Nan Nyok @ Wong Tee Yet, 64, pleaded not guilty in the Sessions Court here today to making a false insurance claim for RM1.18 million from Kurnia Insurans Malaysia Berhad.
Riyad Bank, Royal & Sun Get Approval to Start Insurance Company (Bloomberg)
Jan. 7 (Bloomberg) -- Riyad Bank, Saudi Arabia’s fourth- largest bank by assets, and Royal & Sun Alliance Insurance Plc received Saudi ministerial approval to form a cooperative insurance company in the Arab world’s largest economy.
Citizens Insurance to Hike Rates in April (ABC 26 New Orleans)
BATON ROUGE - Insurance Commissioner Jim Donelon says plans by the state's so-called "property insurer of last resort" to raise rates by an average of 7 percent in April are appropriate. The much-amended rate increase plan will raise an extra $15.3 million for the Louisiana Citizens Property Insurance Corporation. The increase amounted to a statewide average of 26 percent when it ...
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