British firms failing to adopt key staff protection

by Richard Kilner

Story link: British firms failing to adopt key staff protection

Scottish Widows has conducted new research which reveals that UK businesses are adopting an overly passive attitude to the protection of their staff.

More than three-quarters of businesses (77%) stated that should one (or more) individual(s) fall ill or die their loss would have a dramatic impact upon the firm’s success.

The Scottish Widows Business Protection Report surveyed more than 500 British businesses, but just 13% had insurance protection to cover themselves against the possibility of losing a key member of staff.

Contrary to common sense, businesses are likelier to have insured their photocopier than a key employee, with 27% possessing office equipment insurance but only 6% financially protected if a key employee dies and just 4% having critical illness coverage.

Head of Savings and Protection at Scottish Widows Iain McGowan emphasised the importance of firms protecting themselves should the worst happen to a key employee.