There has been a lot of press recently about the global cyber-attack, notably impacting the NHS throughout the UK. The impact an attack could have on an unprotected computer system could be catastrophic, and we are sure this potential risk has resonated with many business owners checking their disaster recovery protocols.
This got us thinking, what is the disaster recovery protocol in place for your business if the disaster is the loss of your best staff member?
53% OF BUSINESSES BELIEVED THEY WOULD CEASE TRADING IN LESS THAN 12 MONTHS FOLLOWING THE DEATH OR CRITICAL ILLNESS OF A KEY PERSON.
(SOURCE: LEGAL & GENERAL STATE OF THE NATION'S SME'S REPORT: FIFTH EDITION)
The financial impact caused through a death or critical illness of a key person in the business can be mitigated if appropriate advice is taken to implement an appropriate amount of key person insurance cover in the most tax efficient structure.
What will this solution do?
In the event of the disaster happening:
Is this causing you to have a Wake-up Call?