A third of business owners admit their organisations would fail if a key person died or had a severe terminal illness but still aren’t insuring against the possibility, according to new data from Vitality.
Research from the insurer found 73 per cent of business owners feel they are now more aware of their own health and 84 per cent are concerned about the health and wellbeing of their employees. But 34 per cent are still leaving themselves without business protection, cited cost, knowing who to speak to and a sense that they wouldn’t get ill, as reasons why they do not have it in place.
Over the last year, 62 per cent of business owners have had to make changes to their business, while 17 per cent have moved more of their operations online and 14 per cent having had to adapt their business offering.
Karl Hewstone, director, VitalityLife said: “One year on from when Covid-19 first emerged, businesses are still having to cope with a huge range of challenges so longer-term planning considerations such as business protection insurance perhaps haven’t been a priority. However, our research shows how many organisations recognise they have a single point of failure that would cause their business to close.
“As we emerge from lockdown and businesses look to return to some sort of normality, the coming months are an optimal time to be reflecting on the past year and to start having conversations about putting plans in place for the future.”