Your Key Person V’s Your Photo Copier
A photo copier can be the hub of the office. Many a time in my working life have I had conversations/business meetings/other around the photocopier? A company which uses a lot of paper will need a photo copier and without one your company will not be able to photo copy anything. What does that mean for your company? Some companies, such as printing companies need a photo copier. Its simply is the key man within the company. But who operates the photo copier? I am joking of course, but in reality most companies do insure their photocopier but do not insure their key person.
What problems can occur when losing a key person within a company due to illness or even death? We have had a few calls and enquiries over the years from companies who have already lost a key person. Their normal reaction has been “thank god we had key man insurance”. Key person insurance of is a cost to any company and depending on age and amounts of cover it can work out quite expensive especially when you add critical illness. But then it’s very difficult to attain the costs to a company of losing a key person. Sometimes companies are 100% built around one man. Maybe he has the main idea and all the know-how. In these companies key man insurance should be extremely high on the list. But unfortunately companies seem to be more interested in insuring their office fax machine rather than the income of the company. Of course insuring a person doesn’t always pop into peoples thoughts. Companies simply do not look at the possibility that their key man might die.
Your employees will die, it’s just a case of when.
When do you plan to die? Well if you are not sure of the answer then I’m sure you don’t know when your employees are going to die either. You can’t plan these types of things. With the photocopier of course you can, and you can get a new one in before it happens. You could of course do this with your key person as well, but people are just not so replaceable. While I am writing this blog, I am also listening to Talk Sport and the headlines are all about Sir Alex Ferguson Retires (Loss of a key person?) I don’t know if he was insured, but here is a fantastic example of a key person. What would Manchester United have achieved without Sir Alex? I’m certain not as much, and with the loss of this key man I hope not so much in the future! #AFC