Business Protection Greenville NC
Elizabeth City, NC
Chapel Hill, NC
Source: Money Marketing
Publication date: April 30, 2009
IFAs who do not offer business protection insurance are turning their back on a lucrative market and one desperately in need of advice and guidance.
With around 4.7 million businesses in the UK, that adds up to a potential market for life cover alone worth an eye-popping pound 500bn in sums assured.
In many instances, advisers themselves run small businesses or are part of one. They know the problems as well as the solutions but are reluctant to get involved because they think business protection is too technical or time-intensive.
But once you start making contacts with small businesses, there can be a snowball effect. People who run small businesses talk to one another and, as we all know, word of mouth is usually the best recommendation.
Like personal protection, the idea is to insure against the unexpected. However, when you are talking about small businesses, the unexpected can have a serious effect on continued success and on the incomes of those involved.
There are four types of business protection on offer to ensure companies can keep trading in unexpected situations - keyperson insurance, director shareholder protection, partnership protection and business loan protection.
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