Having the right people in place is critical for success of businesses today. A great deal of time, money and energy are expended on finding and keeping exceptional employees. Recruiting, compensation and benefits programs play an important role. But what happens when unexpected circumstances leave you with a gap in your team?

Many businesses have one or more key employees who have knowledge that is vital to the organization. The loss of one of these people and her or his knowledge may cause irreparable damage to business. Succession planning can help protect your business from a devastating loss.

Look around your organization. For each of your employees, (don't forget yourself) ask yourself what you would do if they were suddenly gone. Does someone else know what they know? Can someone step in to fill the position? Would irreplaceable knowledge or intellectual capital be lost? Do you have a plan in place for how you would handle the situation? If you are like many companies, the answers may be a bit alarming. A program of succession planning combined with an appropriate key employee indemnification insurance plan can help your company to survive the loss of a critical employee.

The succession planning process will include identifying key employees, identifying the skills and knowledge that make each of them uniquely qualified for his or her position. Once identified, an analysis is done of current employees and positions that are best suited to take on the responsibilities of the key position. Provisions are made for training, development and transition and a decision is made on who will be informed of the decision.

A professional experienced at developing succession plans can add valuable insights and an objective perspective to the process. They can also be helpful in structuring the plan in a way that will improve employee buy-in and avoid negative repercussions from the decision.

No one is ever really prepared for the loss of a business colleague and friend, but by developing a succession plan and protecting the company financially through key employee indemnity insurance, you can place the company on the firmest ground possible. A smooth transition will benefit the company, remaining employees, customers, vendors and owners. Why leave it to chance?