Eight in ten businesses have inadequate insurance cover, warns expert
Not enough businesses are aware of the importance of taking out the correct insurance to protect the company if a key staff member dies.
According to Roy Ferretti, financial planning advisor with Taylor Patterson, the Preston-based financial advisory group, up to 80% of businesses do not have the necessary protection.
Most businesses should look at investing in either Key Man Insurance – a policy taken out on the life of a key executive, with the company as beneficiary – or Share Protection, which deals with the complication of what happens to shares of a deceased executive.
Mr Ferretti warned that small businesses are most at
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