What are our insurance options?
I read with interest the ‘Could Your Business Survive Without You?’ feature in the last issue of GB. My business partner and I don’t have any insurance protecting the company or each other. What do we need and how much can we expect to pay?
A. Barry Johnson of Ace Europe writes:
The effect of the loss of input from an employee or partner is unique to each company. You need to ensure that you can meet any additional expenses that may arise from a reduction in your workforce due to an injury, serious illness or a fatality. The insurance solution that you select should be tailored to suit your needs.
You should expect the plan to provide coverage in areas such as accident and illness benefit. This benefit would provide a set amount should an employee or business partner become ill or get injured. This payment could be used to employ a temporary replacement or to meet payment under an employee’s benefits package.
You should also have a substantial benefit amount should an accident result in a permanent disability or death. This would limit the financial impact on the company or provide financial support to the individual and his or her family.
If you or your partner travel on business you should also ensure the plan provides an emergency assistance service. This will provide you with a dedicated support service should you become ill, suffer an injury or require emergency medical assistance.
These types of insurance are flexible, so whether you are a sole trader, small to medium enterprise or multinational company you should be able to find the level of coverage that suits your needs. Typically premiums start from as little as £120 per year.