Losing key person would wipe out one in four SMEs - L&G

A report by Legal & General's business protection branch has found that more than a quarter (26%) of SMEs would need to close immediately if a key person died or became seriously ill. L&G's State of Nation's SME report also found that 15% of businesses which had encountered the loss of a key person had closed their doors as a result. The research suggests that 1.5 million could be a risk of immediate closure should something happen to a crucial member of staff, while a further 26% of companies surveyed said they would cease trading within a year. The survey of 700 small companies, ...