The other day we were considering the types of insurance we needed to ensure the smooth running of our business – and there are lots! But in considering one in particular, it got us thinking - Key Man Insurance.
How many businesses start as the brainchild of one person? From there they grow and develop, more staff members are added and roles divided but sometimes the real understanding of the direction, the purpose of the business still lies with one person.
The same can be true of community groups and charities, actually even our own homes.
If push came to shove, do you know where you would find the banking log on details, the paperwork on assets you may have, the correspondence with grant givers for your group, the job descriptions, the latest cashflows and budgets. The list is endless.
We can think we have left things clearly labelled and obvious, but one person’s logic is often not anyone else’s.
Just as we should be recording the processes within our business so that they can be improved, shared or allocated to others, perhaps we need to have the “if all else fails” document. This could detail where to find things, what may need to be considered in the event of the key man dropping out for a while, what is essential to know or do, what can be parked in the short term.
That document needs to be with a couple of trusted others or in a secure but accessible place. No point in having it in the safe if the key man is the only one that knows the combination.
Take a little time to think who is the key man in your business or community group? Who would you trust if things got in the way for a short while? Make sure they have an understanding of what is needed and how to access important information about your business. Perhaps share more within your business with other key staff members, thereby reducing the key man aspect.
That moment of thought may make all the difference on the future.
The Chalis Partnership