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If you are a small company you dread the possibility of a member of your team to be taken seriously ill or die. Apart from the personal upset, your business would be hit hard. The production or distribution may be a dive, key skills could be lost and the general pace of the company could fall. All this costs the company money.

Insurance is available to the financial risks, risks that can be especially serious for smaller businesses. Because smaller businesses other employees can not be moved completely to fill the gap - there is simply no spare time. So the problem remains until the person either returns to work or be replaced.

If the person is ill with a serious illness like a stroke or a heart attack you simply do not know when or if they return to work. It could be one month, six months or a year or longer. Management is then in a cleft stick. Take on a temporary employee, contract or terminating a permanent employee? Or are you forced to take a stand and wait for matters resolve themselves? This is risky. And how much all this costs the business in terms of extra overheads, lost sales and profits?

Keyman Insurance has traditionally absorbed these very real financial risks but nine out of ten small businesses have no idea that the insurance company. It's either because they are not the problem, or they've found Keyman Insurance to be too expensive.

A Simon Briault, a spokesman for the Federation of Small Businesses, said: "In an ideal world, small businesses would be against everything, but the reality requires the company priority and sometimes threats, risks."

But there is a cheaper alternative. It's called Group Critical Illness Insurance. And it is about half the price of normal Keyman Insurance!

With Group Critical Illness Insurance sales, management decides which employees to insure and to insure as much as they like. The company pays the premiums and receives any lump sum payment. A claim can be made if any of the insured employees are diagnosed with a critical illness, which is within the insurance. How would you expect, heart attack, stroke and cancer are the biggest three biggest reasons for a claim, but the complete list of insured critical illnesses is much longer. For example, kidney failure, meningitis, paralysis and even blindness.

The important point to recognize is that for a claim, the insured employee must survive at least 28 days after their critical illness is diagnosed. (Some insurance companies have now reduced this 14 days, so please check before you buy.) Therefore, when the workers die before the end of the period of survival, and any claim would be invalid. In this context, it is not as comprehensive as full Keyman Insurance - but at about half the price of some compromises must be!

Simon Burgess, managing director of British Insurance says: "Critical Illness Insurance Group is a real alternative to full Keyman Insurance - and about half the cost, it's great value for money. If managers find Keyman Insurance too expensive, it gives little excuse for not for most of the risk with Critical Illness Insurance Group. Do not pay the price for apathy ".

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