We’d all like to win the lottery but at what cost to your business? Does your company have a lottery syndicate? Winning may be their dream but it could be a nightmare for the business.
Lottery syndicates can seem like harmless fun and a good way to build staff morale but would you be able to cope if your syndicate had a big win and all the staff left? Sounds far-fetched?
One company in Merseyside faced such a situation when their syndicate won a £45 million jackpot on the Euro millions lottery.
It was the UK’s largest ever lottery won by a syndicate and, as you may expect with £6m each, the workforce didn’t turn up the following day leaving only one member of staff in the office.
Managing director of C&C Insurance Brokers, Malcolm Cooke, says that the disruption caused under such circumstances would be too much for some businesses to cope with and, at least, a major inconvenience:
“A quarter of all National Lottery jackpot prizes are won by syndicates – often groups of friends or workmates who club together to increase their chances of success. Because of the potential pitfalls, the National Lottery issues its own guidance on how to set up a group agreement.
“But businesses also need to protect themselves; Annual Lottery Syndicate Insurance can ensure funds are provided to pay for temporary staff and cover recruitment costs to help ensure that the business continues to operate.”