If you’ve ever thought about a member of staff as invaluable, consider getting key man insurance should anything ever happen to him or her.
Many SME functions are built by a handful of people, so it might be wise to identify whether or not you can survive if someone were absent for a long period.
Compensation from key man insurance is designed to cover the loss of a key person in the event of that person’s death or extended illness.
The financial payout should be the equivalent worth of what the business might suffer from lack of continuity and financial loss sustained from the absence of the key person.
