Protecting your business doesn’t have to be a lottery

Monday, July 4 2016

Everyone dreams of just not turning up for work on a Monday morning.

In July 2013, 10 people at a Merseyside recruitment firm did exactly that after scooping a share of the £28million Euro Millions jackpot.

The group had been paying in to a work syndicate when one night they scooped the big one and decided to just not turn up for work.

It’s a great story and one for a Friday night discussion down the local pub on how you’d spend the cash if it happened to you. But what about the company that was suddenly faced with the task of having to carry out their work for all those clients and contractors without any staff to do it?

Few people thought of that as they enviously discussed what they would spend their share of the windfall if they had been part of that lucky 10-strong syndicate.

It can be trickier for small businesses who may go under if they lose all their staff.

Believe it or not there are insurances for this type of thing. A policy can be carefully put together to pay out to a business if they suddenly find themselves without a workforce because six numbers came up. It can include a small number of staff or larger numbers for bigger businesses.

It’s worth bosses considering taking up a small premium to protect themselves against this – unless that is, you’re part of the syndicate!