Majority of SMEs vulnerable to key person loss: Legal & General

The insurer's 2021 State of the Nation report surveyed 500 UK SME owners and revealed that many are more financially vulnerable than before the onset of the Covid-19 pandemic. The death of an owner or key person was highlighted as the biggest risk facing SMEs by 52% of respondents, while the owner or key person suffering a critical illness Just under six in 10 (59%) of respondents said that should key person loss occur the business would cease trading in less than 12 months. Of those SMEs surveyed, 94% recognised that they had at least one key person at the business. Jeff Woods, he...