Just under half (43%) of business owners have revealed they do not have any form of personal protection in place such, as income protection or critical illness, according to the latest Vitality research.
The survey carried out in February of over 500 business owners found that 30% of respondents know of a business that has had to close following the death or serious illness of an owner, key employee, or business partner. However, despite knowing the risks associated with not having protection, 37% admitted that their business still has no cover in place should a key member of staff die or suffer a severe illness. A further 38% of respondents said they had yet to consider buying protection, with one quarter (25%) declaring that if faced with a dire situation, their business would fail....
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