YOU don’t necessarily have to be a busker in the street playing a banjo, the drum and the mouth organ to be considered a one-man band. Whether you work in the UK or abroad, it might be worth considering – how important are you to your business?

Because if you are key to the company’s existence, or if your partner is, it is vital to ensure the firm is adequately insured.

Reports suggest that millions of sole traders are at risk because they have not taken out insurance against the loss of the owner or another ‘key’ person in the organization. All the expertise wrapped up in just one, or two, people can have a damaging effect should one of them be forced to quit through illness, or worse.

And yet, despite a huge percentage admitting their business would struggle to survive the loss of a vital employee, key person insurance take-up remains low.

More of a concern is that nearly a quarter of sole traders have no business protection insurance whatsoever, leaving them vulnerable to set-backs such as theft, fire and accidents.

So, the advice is, get detailed plans in place now for the worse-case scenario. Consider a basic and affordable policy which pays out on death, as well as the critical illness element which would typically pay out in the event of cancer, a heart attack or a stroke.

Most of us are guilty of taking life for granted. If you value your livelihood, protect it, before it is too late.