One fundamental component in managing a business is identifying and managing any risks that may stop you from achieving your goals. Public Liability Insurance, along with protection against Fire, Theft and Damage to assets is important, however you may be omitting one of the biggest assets you rely on, your people. AXA Business can help with two kinds of Business Insurance solutions, to protect your business and to protect your employees
- Business Protection means you can safeguard your business against the loss of a key staff member or an owner due to illness, injury or death
- Employee Protection is an affordable way to help retain people by adding value to their remuneration package while ensuring their financial wellbeing if they’re unable to work due to illness, injury or death
Every business has key people who play a vital role in the business, from those involved in day to day operations to those that determine strategic direction - if a key person suddenly couldn’t be there due to injury, illness or death, the reality is that it could impact on the level of your business revenue, ability to pay expenses, and relationships with external suppliers and customers.
The loss of a key person from your business could also have a significant effect on your business’s ability to meet debt repayments and may also lead to you reconsidering the ownership of your business, such as having to buy out a fellow shareholder.
Here are some important questions to think about:
- If a key person was lost from your business would you be able to replace them and successfully continue trading?
- Would the loss of a key employee directly impact ongoing revenue levels?
- What costs would be associated with replacing a key employee?
- Would you need to repay debt if you lost a key person from the business?
- If your business has multiple owners how would you purchase the ownership interests of a disabled or deceased shareholder if required?
- Could the loss or a key person result in the requirement to close or wind-up your business?
An affordable way to add value to your staff remuneration package
These days, retaining the right people can come down to offering a remuneration package that goes beyond salary.
If you have more than 10 employees, it’s simple to add Life Insurance, Income Continuance Insurance and Trauma Protection as part of their remuneration package.
Your key staff members will value having the security of Employee Protection and the benefits of AXA Business Employee protection to your business can be significant too:
- It can help you attract and retain the right people
- You are helping to provide funds which may be much needed to help the family of any staff member who becomes disabled or dies
- You can reinforce your company’s reputation as a great place to work
- AXA Employee Protection is simple to manage, so that you can be free to focus on your business
Next steps
Now take a closer look at our Business Insurance solutions - Business Protection and Employee Protection.
Make sure you also look through our free guide, The AXA Business Brochure, which tells you more about the different risks faced by business owners.
Would you like to know more?
Getting the right package for your business is important. To find out more about AXA’s range of Business Insurance solutions, including Key Person Insurance and Employee Insurance, contact your adviser. If you don’t have one, call our contact centre on 0800 ASK AXA (0800 275 292) and we will put you in touch with one.