Small business owners 'should protect key holder'

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Small business owners 'should protect key holder'

Tue 12th Jan 2010

The owners of small businesses need to be doing more to protect themselves should anything happen to their key holder.

With small firms contributing more than 50 per cent of the UK's annual turnover, it is vital that owners take every step they can to make sure they do not suffer a loss of earnings should anything happen.

As many businesses employ just one or two members of staff to run things, 86 per cent of owners have admitted that if anything should happen to their workers it would seriously harm the profitability of their company.

Clive Allison, protection market director at Scottish Widows, said: "Our research highlights that without suitable protection in place, a serious illness, disability or death could be the last straw for these vital grass root businesses."

Working long hours has resulted in considerable strain on the home lives of many people, Scottish Widows recently found, with 32 per cent of parents wishing they had more time for family and friends.

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