1.6 million SMEs hit by key person absence

Yet majority do not protect themselves

Adam Saville
clock • 2 min read

Just over 40% of SMEs think key person absence would severely impact their business, research reveals

Nearly three in 10 (27%) of small-to-medium enterprises (SMEs) surveyed by YouGov have witnessed a key person or employee miss work for a period of time - equating to 1.6 million businesses - research from Royal London has revealed. Despite this, more than 4.6 million SMEs (76% surveyed) do not have any key person insurance protection in place. The research also revealed that one in seven (16%) of all SMEs surveyed do not have any business protection in place at all. According to the survey, 2.4 million SMEs (41%) agreed absence of a key person or permanent employee absence (due to...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Half of UK adults do not have a will: Canada Life

Half of UK adults do not have a will: Canada Life

61% of those who wrote their own will did not seek advice

Jaskeet Briah
clock 22 March 2024 • 2 min read
Aviva pays out £1.18b for individual protection claims in 2023

Aviva pays out £1.18b for individual protection claims in 2023

Over £413m paid out across group protection

Jaskeet Briah
clock 21 March 2024 • 3 min read
Beneficiary nomination used on 68% of Guardian's life insurance policies

Beneficiary nomination used on 68% of Guardian's life insurance policies

Accounted for 74% of life insurance claims paid

Jaskeet Briah
clock 20 March 2024 • 2 min read