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

Octopus Legacy launches life cover with Shepherds Friendly

Octopus Legacy launches life cover with Shepherds Friendly

Designed to reduce anxiety

Jaskeet Briah
clock 10 December 2025 • 2 min read
Aviva updates online trust process

Aviva updates online trust process

Digitised trust for individual protection

Cameron Roberts
clock 28 November 2025 • 1 min read
Fairer Finance adds former FCA chair to consumer board

Fairer Finance adds former FCA chair to consumer board

Charles Randell CBE joins

Jaskeet Briah
clock 28 November 2025 • 1 min read