For any business, insurance is a basic safeguard of livelihood and future stability. Making sure you have cover for business premises, public liability, key equipment, stock and vehicles are all essential requirements.
But Stockport based C&C Healthcare, part of the C&C Insurance Group, report that an even more vital aspect in business that is often overlooked is its people: “have you considered insuring them”?
It is worth considering that if key people, including business owners, CEOs and managers were to become seriously ill or died, the business could suffer a significant loss; could it continue without the right financial protection in place?
Without the right protection, the cost of replacing skills and expertise as well as potentially having to pay out a share of the business profits to a third party, are all very real threats that any business could face.
In C&C Healthcare’s Group Risk team’s experience, some of the affects to a business can be easily addressed if the right steps are taken such as:
- The company’s ability to maintain turnover or generate profit which may be affected due to loss of relationships and professional expertise
- Replacement and recruitment costs
- Business loans and overdrafts which may need repaying quicker than expected
- Director loans which may need repaying to the family
- A share of the business ending up in the hands of someone who is personally unknown and who doesn’t know the business
- Potential staff redundancies
If you do not have a plan in place for the above eventuality and would like more information on how to protect your business against the financial consequences of risks please
Email: info@cc-healthcare.co.uk or call 0161 406 4873