Business Protection insurance is something businesses should consider and we have launched this box set to make it easier for advisers to communicate the risks businesses face and the solutions they can offer. During lockdown businesses up and down the land have been forced to address the threat of COVID but during this time the risk to businesses of key employees or owners being diagnosed with a critical illness or dying has not gone away. Arguably the impact of loss could be even worse for their commercial wellbeing as they try and navigate their way through these extraordinarily challenging trading conditions.

Advisers might also consider using the new box set to engage and educate their professional connections too as they can often open doors to these advice opportunities.

The box set comprises three short videos which in under ten minutes look at:

  • An introduction to Business Protection insurance and how a critical illness or death of a key employee or business owner can have a huge and detrimental impact on a business. Covers how this risk is often missed and how, through business protection, it can be relatively straightforward to address. Viewers are encouraged to think about the people who are the driving forces in their firm’s success and why insuring them can make very good business sense.
  • Insuring the key individuals responsible for your businesses success in the event of them becoming seriously ill or dying. How to identify who is key in your business by thinking about the financial impact of someone no longer being available and the cost of replacing them. The video also discusses the process of getting cover in place.
  • Shareholder/Partnership protection and how an agreement, backed by insurance, can help keep a business on track after the death or serious illness of an owner. The video covers the potential benefits to a deceased’s family and how an agreement can stop a person with no knowledge or interest in a business suddenly getting a say in how it is run. The video also covers the parties involved and process of setting up an agreement and arranging the appropriate insurance.

As well as opportunities to generate business protection work, providing education and advice in this area can be an excellent way of building relationships with solicitors, accountants and businesses too. It can also help to open opportunities for other corporate financial planning work.

This will be the first time we have included client education about protection on the Money Alive platform and we look forward to seeing how advisers use it as part of their client engagement and advice processes.