The Problem to Solve
Although the business had grown steadily over 12 years, its protection arrangements hadn’t kept pace. The company assumed its commercial insurance would suffice, but hadn’t considered the financial impact of losing a technical lead who held key client relationships and specialist design expertise. There was no funding in place to recruit an equivalent replacement. Without him, several contracts were at risk.
Their accountant recommended they speak with us.
The Breakthrough Approach
ContinuityPoint worked with the directors to quantify the financial impact of losing their key person. We modelled potential revenue loss, increased borrowing costs, and recruitment expenses. A bespoke Key Person Life and Critical Illness policy was implemented.
What We Achieved
When the director was diagnosed with cancer and stepped away from the business for treatment and recuperation, a claim was made on the policy. We submitted evidence of diagnosis and the business was paid out immediately. The proceeds funded specialist contractors, stabilised cashflow, and gave the board time to restructure operations without panic. The business retained all contracts and reported only a modest dip in profit that year.
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