The key to business continuation is productivity and this is reliant on key people in a business. However, should a key person be unable to work due to disability or death, productivity can be significantly affected.
Ask yourself this question: What is the main asset to your company?’ Then ask yourself these questions: Who is responsible for the profits? The selling? The operations? Or the marketing?
People are the main asset to any business and these are the key people to your business. A key person can be an owner, a shareholder, or an employee. Basically, any one person, that should they be unable to work, would result in a decline in profit and/or value of the business. These key people are often highly skilled in specialised areas and having to manage without their skills or temporarily replace them can add financial strain on the business.
If a key person was unable to work, this might affect your business in the following ways:
- Your business may not be able to operate and therefore must wind up
- A loss in client relations resulting in a fall in revenue
- A loss of knowledge e.g. ideas on revenue and /or internal operations
- Expensive and difficult to find a suitable replacement
- Loss of staff morale leading to decrease in productivity
We structure your business continuation insurance by covering your revenue. This keeps your business running and producing revenue.
Benefits of Business Continuity Protection
- Pay off external business debt
- Continue business operations
- Locate, secure and train suitable replacement
- Retain business contacts
- Retain current staff
