The British Insurance Brokers’ Association (BIBA), working with Group Risk Development (GRiD), has launched a new guide to help explain the benefits of business key person and employee protection insurance.
The new guide helps explain how businesses can be protected if a key individual dies or becomes unable to work because they become ill or disabled.
The guide is also supported by the Association of British Insurers (ABI) and the Chartered Insurance Institute.
Graeme Trudgill, executive director, BIBA, said: “Following the success of our SME Insurance Guide which explained how businesses could be protected against damage, interruption and liability risks we recognised that more could be done to help businesses understand the risk of the loss of key employees.
“Insurance brokers can use this guide to raise the need for their clients to protect their most valuable asset – their people.”
Katharine Moxham of GRiD who co-authored the guide, added: “We believe that many businesses remain unprotected and we want to highlight how straightforward it can be to prevent a financial shock that could lead to business failure.
“This approach can easily be extended to consider protecting employees and their families from the financial devastation that can result from the death, illness or disability of a breadwinner.”