Business Protection. One of the companies we work with have’ been listening to Irish SMEs in order to better understand their Protection needs and their hopes for the future’ Here are some stats from Aviva
- Two out of three Irish SMEs claim to rely on a single individual or a small group of individuals to generate profit
- Half of them say the death or illness of a key individual would result in revenue loss
- 30% told us they’d cease to trade in the short to medium term or declare bankrupt
- Just 9% of business owners have either key person cover or shareholder protection in place.
Some good news is that majority (82%) admit that Keyperson Insurance is important;
If a director or employee of a company were to pass on suddenly or suffer a serious health problem, the company could be affected by the sudden and permanent loss of that person’s skills and experience.
Keyperson Insurance is life assurance and/or specified illness cover taken out by an employer on a director or employee to protect the employer from the financial aftermath of that individual’s death or illness.
Keyperson Insurance provides an immediate lump sum payment on the death or serious illness of the individual insured under the policy.
For more on this please feel free to contact us and for a full list of our services click here
Content source : Aviva Ireland Insurance