British Chambers of Commerce Business Protection Survey
Legal & General recently undertook a survey of British Chambers of Commerce members to establish the level of Business Protection. The following is some of the key findings of the survey based on over 1,000 responses:
- 90% of businesses have up to only 3 owners
- 69% of businesses have between 1 and 10 employees
Over half of the responses did not have any formal agreement or know if they had any arrangements in place to establish what would happen to the business in the event of the death of a business owner.
64% of businesses employ 1-2 key individuals who contribute heavily to the profit of the business.
51% of businesses have some form of corporate debt with just 46% of the debt covered by life assurance.
The findings lead us to ask you these quick questions:
1. Does your business have a formal agreement detailing what would happen to the business upon the death or diagnosis of a critical illness of a business owner?
2. Do you have cover in place to replace the short term loss of profits upon the death of a key employee?
3. Do you have cover in place to repay any corporate debt?
For a fuller understanding of how you can protect your business in the event of the death or diagnosis of a critical illness of a business owner or key individual, please contact David McDonald at AWD Chase de Vere Consulting on 01382 314269.
