founder of naked leader
Don’t Allow Your Death To Be Fatal
YOU may think your business is secure – and that aspects like third party, fire and theft are all comprehensively covered!
And yet, being fully prepared for the eventuality that could rock your firm to the foundations is often overlooked.
More than half of medium-term businesses are said to unprepared for their worse-case scenario – the death of their owner.
While businesses ranked the event as the worst possible thing that could happen – with many predicting they would cease trading immediately – others admitted it would have a fatal impact on the firm within two years.
There are serious implications for not taking out keyperson insurance, which pays out a lump sum on the death of the business owner or a vital employee.
Taking out cover can safeguard a company by covering financial commitments or recruiting replacements. Recruitment fees, lost profits and even the costs of instructing the sale of the business can be catered for.
So, the prudent thing to do is to make sure your death does not have a massive impact on the very people who love and support you, your family and employees.
Time to act. Do it today!
Wow. That is such a neat reminder of just what it is that is important in business.
A business owner can keep a lot of knowledge to himself. If that isn’t imparted to others you could be in trouble as a company.
Delegation while a business owner is alive is therefore more important that you might think.
Very timely indeed.
So many businesses take precautions and leave out this insurance when it is vital.
Having just guided a client through this process I completely agree…being planful or having a ‘vision’ of what might be and what you ‘want’ is very important. Once one gets over the hurdle of viewing death as negative, it enables great creativity, innovation and peace. Of course one cannot plan for every eventuality as ‘Black Swans’ are always lurking but not to take any control of your destiny even in death leaves all areas of your life in the hands of chance and when it comes to the law there is no subtlety. Your future…take it or lead it (even in death).