Apart from fixed assets such as a property, computers, machinery and cars which are usually insured, a company also has its employees. They of course drive the success, or failure, of the business.
Therefore, it could also be appropriate to assess whether or not other forms of insurance should be taken out to insure personnel.
For example, many companies rely heavily on a handful of KEY STAFF members. If one of these individuals should die the company may lose profitable key accounts, be unable to continue with a large project or in the worst scenario, the business may be forced to cease trading.
Keyman insurance (life assurance taken out by the company on the life of a key employee) can protect against such threats to a business.
The level of cover is usually based on an estimate of the loss a business would incur should it lose a key employee on death or disablement.
Share protection insurance can provide cash at the right time to ensure the shares of a company remain with the company and do not pass to a deceased shareholder's family. Often this may be preferable to ensure the continuing success of the business.