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Half UK SMEs have no key worker cover – L&G

Half of the UK&#39s small firms would collapse within a year if a key worker such as a director or partner was seriously ill or died, according to research from Legal & General.

But 48 per cent of these firms say they have no insurance to protect against the loss of key staff members. L&G&#39s research shows firms with between two and 50 employees usually have two members of staff who are crucial to the success of the business.

L&G protection and housing director Graham Newitt says: “These firms are the backbone of British industry yet they leave themselves open to failure through circumstance s outside their control.”

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