Lastest research from leading protection provider Legal & General has found that the majority of small and medium sized enterprises\u00a0(SMEs) have no key worker protection in place, despite the\u00a0death of a business owner\u00a0emerging as the most disruptive potential scenario a business can face.<\/p>\n
An investigation into the protection habits of 500 UK businesses commissioned\u00a0 by Legal & General found that death of a business owner was identified as\u00a0 the most disruptive possible scenario by 43%, compared with 23% who specified\u00a0 fire damage and 14% who cited critical illness.<\/p>\n
Despite this, 57% of businesses\u00a0do not have any form of protection to safeguard the\u00a0 business against the risks associated with losing the owner.<\/p>\n
The results show 12% of SMEs owners predict their business would cease\u00a0trading immediately as a result of the death or critical illness of a key worker\u00a0 or business owner.<\/p>\n
A further 42% said their business would ultimately cease trading as a result\u00a0 but over a longer period of time. Of these, 25% per cent would expect to cease\u00a0 trading within the first year, 6% within the second year, and 11% after two\u00a0 years.<\/p>\n
Legal & General head of specialist protection Clare Harrop said: “Despite\u00a0 almost half of SME owners stating death of a key worker as the most destructive\u00a0 scenario to their business, it’s staggering that only 43% of businesses have\u00a0 actually implemented any form of business protection to safeguard their business\u00a0 in this kind of scenario.<\/p>\n
“Cost is clearly front of mind for all businesses in the on-going financial\u00a0 climate, but you never know what lies around the corner. Losing a key worker can\u00a0 have a huge impact on any business, whether from the aspect of sales, turnover\u00a0 or recruitment.”<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Lastest research from leading protection provider Legal & General has found that the majority of small and medium sized enterprises\u00a0(SMEs) have no key worker protection in place, despite the\u00a0death of a business owner\u00a0emerging as the most disruptive potential scenario a business can face. An investigation into the protection habits of 500 UK businesses commissioned\u00a0 by […]<\/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\/25949"}],"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=25949"}],"version-history":[{"count":0,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/posts\/25949\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/media?parent=25949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/categories?post=25949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wingatebs.com\/wp-json\/wp\/v2\/tags?post=25949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}