What happens if a small business owner’s only 3 staff members leave after winning the lottery?
The chances of winning the lottery are slim. But if you get a bunch of people to pool their savings together and purchase a number of tickets at once, the odds start looking more favourable. This kind of group is called a lottery syndicate, and it can consist of friends, relatives, or even colleagues.
If the syndicate hits the jackpot, all of the members can claim a part of the winnings. And while this would call for a big bash for these winners, it might cause problems for other people. Like small business owners whose employees win big, and decide to quit their jobs together to go do what millionaires do.
Small firms have been known to go under in these circumstances. However, there is an insurance product that can protect them.
Lottery Winners insurance pays for things like hiring temporary staff and training new employees if at least a specified number of staff members win at least a specified amount of money from a lottery, and choose to resign their positions within a specified number of days.
Safe to say those are not great odds for employers!
This specialized product is available in the UK.
Found this interesting? Check out Prize Indemnity Insurance and Key Person Insurance next!