MLC Keyman Insurance

Information verified correct on September 30th, 2016

Protect your business from loss of key workers with Revenue Protection Insurance

When it comes to the revenue that businesses generate, there are many things that can pose serious risks. Significant loss of revenue for any business, large or small, can of course have a serious impact and can affect the business in many ways, even resulting in it becoming financially unviable for the business to keep going. However, unfortunately businesses can and do find themselves in this sort of situation, with huge revenue losses occurring for a variety of reasons.

One of the things that could result in significant financial losses for a business is the loss of a key person through an unexpected and unavoidable event such as an accident that causes disablement or even the death of a key person working in the business. A key person could be anyone that plays a big part in driving the revenue of the business, such as the business owner or a senior employee. Whilst that person, and the business, may be banking on being around for a long time to come, the simple fact is that life can throw some nasty surprises our way sometimes, and unfortunately the business could end up suffering as a result of this.

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Having some form of protection in place to minimise on the financial impact of the loss of such a key person can prove invaluable to a business. Insurance such as MLC Revenue Protection cover helps to ensure that whilst the business may experience some difficulties and disruption as a result of the loss or absence of the key person, the financial impact is kept to a minimum, giving the business the breathing space it needs to get things back on track.

How Businesses can be Affected by the Loss of a Key Person

The unexpected loss or absence of a key person can impact on the business in many different ways, leaving the business facing huge challenges and financial problems. If a key person dies or suffers serious disability that means they are no longer able to work, the business could end up suffering huge financial losses. These could stem from issues such as:

  • The simple fact that the key person is no longer around to generate the significant revenue that they normally do
  • The losses that can occur whilst you are training up someone to replace the key person
  • Financial losses resulting from someone who is not properly trained or able to do the job of the key person
  • Losses stemming from the business being unable to meet demand
  • Losses occurring from a drop in morale amongst employees, which can be common with the loss of a key person due to the uncertainty that arises
  • Losses that occur as a result of time lost through inexperience, or mistakes made by new employees.

It is also worth bearing in mind that these financial losses can snowball as time goes on, making the situation worse and worse. If a key person is suddenly lost, the business is basically left in the lurch and the longer it takes to get things back on track the more serious the losses may become. However, replacing a key person is not something that can be done overnight, and many businesses therefore end up losing a lot of revenue as a result of the loss of the key person.

How can MLC Revenue Protection Cover help?

With MLC Revenue Protection cover businesses can ensure that following the loss or absence of a key person through death or disability, enough money is made available to make up for the revenue that has been or is being lost. The plan also covers associated replacement costs to replace a key person if the need arises, which gives the business invaluable time and leeway to get things back up to speed and minimise the financial disruption that occurs.

Having this sort of protection in mind is something that will give business owners and associates valuable peace of mind for the future and will also help to ensure that employees are secure in their jobs, which in itself can prove invaluable because it can really help to lift morale as we all know a happy worker is a good worker. When you consider the benefits that MLC Revenue Protection cover can offer and the huge problems that could arise without this sort of cover in place, it is clear to see why this protective cover is such a vital tool for businesses that want to protect the future of both the company and its employees.

In the current financial climate no business can afford to take the sort of financial hit that the loss of a key person could result in, which is why it has become so important to take the steps to avoid such a situation. MLC Revenue Protection provides a cost effective solution to this potential problem, helping to ensure that the business can keep running smoothly even with the loss or absence of a key person.

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