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15/06/2009
Businesses 'at risk' of legal problems |
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A large proportion of small and medium businesses (SMEs) in the UK are vulnerable to the loss of a key employee, research has shown, something that may lead to problems such as insolvency.
The study by Scottish Widows found that 81 per cent of businesses - including 83 per cent of SMEs - rely on one key employee and 59 per cent would not survive if that individual was lost.
Protection market director at Scottish Widows Richard Jones said: "It is concerning that such a high percentage of UK entrepreneurs do not have financial contingency plans for their business in the event of losing key staff."
Those needing advice over the issues that may arise if their firm were to lose a key employee, such as a manager or director, may wish to speak to business lawyers over the issue.
Many businesses have become insolvent in the recession but others will hope that the recent better signs in the UK economy will herald the start of a recovery.
However, a freshly-published Confederation of British Industry report has said the rate of recovery will be slow in the next year.
Written by Anna Norton
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