What impact would the death or severe illness of a key employee have on your business?
Have you and your co-directors discussed this? If nothing is put in place, you could find yourself in business with your director’s family!
Can you afford for your staff to be off for long periods of time?
Has a plan been drawn up within the business that means a lump sum will be paid to the company which can then be paid to the beneficiary in the event of death? Has this been set out in a legal contract with the beneficiaries having a full understanding of the process in the event of death?
Do you competitors offer Healthcare?
Would your business suffer losses if you lost a key employee? Could your business survive without a key employee? How difficult would it be to find a replacement for a key employee?