{"id":25919,"date":"2011-07-01T09:00:05","date_gmt":"2011-07-01T08:00:05","guid":{"rendered":"https:\/\/www.wingatebs.com\/business-protection-bulletin-july-2011\/"},"modified":"2011-07-01T09:00:05","modified_gmt":"2011-07-01T08:00:05","slug":"business-protection-bulletin-july-2011","status":"publish","type":"post","link":"https:\/\/www.wingatebs.com\/business-protection-bulletin-july-2011\/","title":{"rendered":"Business Protection Bulletin \u2013 July 2011"},"content":{"rendered":"<p>Business is all about people, and the majority of organisations have a few people who are essential to their survival. Whether it is the directors driving the business forward or skilled employees giving them a competitive advantage, in the absence of this talent a business will struggle.<\/p>\n<p>Many businesses we are speaking to are upbeat about the future despite the challenges they currently face. There are however too many businesses that do not protect themselves against the worst happening and a key employee suddenly becoming critically ill or dying. They insure the IT equipment, the furniture, they have disaster recovery plans in case their premises became uninhabitable but they don\u2019t protect themselves against losing the people in the business that actually makes the business work!<\/p>\n<p>In a recent survey carried out by Legal &amp; General and the Institute of Directors (IoD), 72% of those surveyed had four key people or less. This demonstrates how vulnerable SME\u2019s could be to a sudden event taking place and a key employee not being able to work.<\/p>\n<p>The loss of a key individual could result in any of the following:<\/p>\n<ul>\n<li>Reduction in sales \/ profits<\/li>\n<li>Recruitment costs<\/li>\n<li>Risk to future or existing finance arrangements<\/li>\n<li>Increased work pressure on other staff<\/li>\n<li>Postponement of development plans<\/li>\n<\/ul>\n<p>Key Person Insurance can provide the business with a lump sum or a regular \u2018income\u2019 to help cover these costs.<\/p>\n<p>The company owns an insurance policy that insures the key person(s). In the event of an accepted claim the policy\u2019s sum insured is paid to the business for use as the business sees fit.<\/p>\n<p>Tax relief should be available on the premiums subject to certain criteria being met, with any claim payment received by the business being subject to tax as a trading receipt.<\/p>\n<p><strong>Our Service<\/strong><\/p>\n<ul>\n<li>We will discuss your business circumstances and identify your specific needs.<\/li>\n<li>We will provide you with a report confirming the options available and our recommendations.<\/li>\n<li>We will implement any policies you wish to put into place, including managing the underwriting process with the insurers on your behalf.<\/li>\n<\/ul>\n<p><em><strong>Wingate Benefits Solutions is here to assist you with all aspects of business protection and employee benefits. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on0844 406 0027.<\/strong><\/em><\/p>\n<p><em>Tax and legislation are liable to change. This information is based on Wingate Benefits Solutions\u2019 current understanding of UK law and HM Revenue &amp; Customs practice and legislation. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.<\/em><\/p>\n<p><span style=\"color: #000000;\"><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business is all about people, and the majority of organisations have a few people who are essential to their survival. Whether it is the directors driving the business forward or skilled employees giving them a competitive advantage, in the absence of this talent a business will struggle. Many businesses we are speaking to are upbeat [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[41],"acf":[],"_links":{"self":[{"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/posts\/25919"}],"collection":[{"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/comments?post=25919"}],"version-history":[{"count":0,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/posts\/25919\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/media?parent=25919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/categories?post=25919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/tags?post=25919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}