Drewberry Group Insurance have created this infographic as an easy to use visual tool to help business owners and key staff within companies to decide what business insurance is required by their business to protect it in the event of a death or critical illness of the business owner.

It provides an overview of the main types of business protection insurance; keyman insurance, shareholder protection, loan protection and relevant life insurance.

It then covers what can be protected under these kinds of insurance policies with useful stats provided.

Following on from that the graphic goes on to provide details about what is covered, why do we need it and importantly how good the payout rates are but various insurers under various scenarios.

The basis of the statistics behind the graphic are taken from a 2011 study carried out by Legal and General in conjunction with the Institute of Directors (IoD). The study found that

95% of all businesses have at least one key individual

38% of business owners expected their business to fold with 18 months of the death or critical illness of a key person

58% of businesses had no formal agreement in place to establish what would happen in the event of a death or critical illness of a business owner.