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Managing Key Person Risk
How long would your business continue if you weren’t working in it? One month, two months, maybe three?
At least 40% of all small businesses have a critical dependence on a key person for ongoing business and balance sheet solvency. Is your business one of the 40% and if so, do you have a risk management plan in place to protect your business against key person risk?
Key Person Protection is a planned response to assist a business to maintain its financial commitments when a key person unexpectedly dies or is seriously incapacitated. It is designed to minimise the likelihood of insolvency and to protect the value of the business.
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