| If you manage a small business you'll dread the | | | | A Simon Briault, a spokesperson for the |
| possibility of a member of your team being be | | | | Federation of Small Businesses said, "In an ideal |
| taken seriously ill or dieing. Apart from the | | | | world, small firms would be insured against |
| personal upset, your business would be hit hard. | | | | everything, but reality demands the businesses |
| Sales or production could take a dive, key skills | | | | prioritise threats and occasionally take risks". |
| could be lost and the general pace of the business | | | | But there is a cheaper alternative. It's called Group |
| could fall. All this costs the business money. | | | | Critical Illness Insurance. And it's about half the |
| Insurance is available to offset those financial | | | | price of normal Keyman Insurance! |
| risks, risks that can be especially serious for | | | | With Group Critical Illness Insurance, the |
| smaller businesses. After all in smaller businesses | | | | management decides which employees to insure |
| other employees can't be moved across to fill the | | | | and how much to insure them for. The business |
| gap - there's simply no one spare. So the problem | | | | then pays the premiums and receives any lump |
| remains until the person either returns to work or | | | | sum payout. A claim can be made as soon as any |
| is replaced. | | | | of the insured employees are diagnosed with any |
| If the person is off sick with a serious illness such | | | | critical illness which is scheduled within the |
| as a stroke or a heart attack you simply don't | | | | insurance policy. As you would expect heart |
| know when, or if, they'll return to work. It could | | | | attacks, strokes and cancer are the biggest three |
| be a month, six months even a year or more. | | | | biggest reasons for a claim but the full list of |
| Management is then caught in a cleft stick. Do | | | | insured critical illnesses is much longer. For |
| you take on a temporary employee, contract out | | | | example, kidney failure, meningitis, paralysis and |
| or recruit a permanent employee? Or are you | | | | even blindness. |
| forced to tread water and wait for matters | | | | The important point to realise is that to make a |
| resolve themselves? That's risky. And how much | | | | claim, the insured employee must survive at least |
| will all this cost the business in terms of extra | | | | 28 days after their critical illness is diagnosed. |
| overheads, lost sales and profit? | | | | (Some insurance companies have now reduced |
| Keyman Insurance has traditionally absorbed | | | | this to 14 days so please check before you buy.) |
| these very real financial risks but nine out of ten | | | | Therefore, if the employee were to die before |
| small businesses still don't carry that insurance. It's | | | | the end of the survival period, any claim would be |
| either because they haven't addressed the | | | | invalid. In that context, it's not as comprehensive |
| problem or they've found Keyman Insurance to | | | | as full Keyman Insurance - but at around half the |
| be too costly. | | | | price of there has to be some compromise! |