SMEs vulnerable to loss of key people

With sole traders reliant on one or two people to run the business, four in five (86%) believe their business has at least one person whose loss through death, critical illness or serious accident would severely impact the profitability and survival of the business. But over four in five (81%) sole traders do not have "key person" insurance to protect against the drop in profit which could occur as a result, or to cover the cost of filling a vacancy. The provider's Business Protection Report, also found that 77% of sole traders who have a key person in their business do not think thei...