There are many parts to a business insurance policy, including a clause of key-man cover and this point will undoubtedly be a subject of quite a few Board meetings as news is leaked that the spiritual leader of Apple, Steve Jobs, has once again taken medical leave.
Business insurance to one side, investors and watchers of the mighty Apple – the leading world tech company which recently outgrew even the software giant Microsoft – accepted the news with some trepidation. The company’s share price fell and the news rocked the US NASDAQ market, mainly because Apple’s shares make up such a huge volume of its capitalisation.
It might seem odd that one man can have such an impact, especially for a company that employs thousands of people and should have management talent in abundance. But Jobs has a special place in the hearts of Apple customers, as well as in the pockets of its investors.
He is seen as the company’s spiritual head, the man who saved the company from oblivion when it lost its way and the man who is a steady hand on the tiller.
A recent email from Jobs to his workplace explained that he had to take a break to focus on his health. He took six months off between late 2008 and early 2009 to have a liver transplant. It is understood that Jobs has suffered from pancreatic cancer since 2004.
Jobs remains as CEO, with operational responsibilities passing to Tim Cook.
Many companies will now be casting a worried glance over their business insurance policies.
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