Small business saturday – 7 things you should read about business protection insurance
Small Saturday, a campaign first started in the UK in 2012 and held on the first Saturday in December is intended to highlight small business success and encourage consumers to support smaller businesses and ‘shop local’. Given the challenges the pandemic has had on many small businesses and the importance of these businesses to the local and UK-wide economy, campaigns such as Small Business Saturday are incredibly important. Protection advisers can also play a key role in supporting these businesses as clients and ensuring that they have the right cover in place, to protect their employees and the owners. In this round-up we bring you 7 business protection focused insights, to help advisers better understand the products on the market and what different insurers offer.
You can find out more about Small Business Saturday and how to support this campaign here.
LEGAL & GENERAL UNVEIL NEW KEY PERSON INCOME PROTECTION
Back in September Legal & General unveiled a new Key Person Income Protection plan, which expanded their existing range of business protection solutions and sits alongside just two other insurers – Aegon and Royal London – in offering this benefit. In this insight we looked in more detail at the new policy and some of the main differences between Key Person Income Protection and other plans on the market.
WHAT ARE THE DETAILS OF THE NEW LV= EXECUTIVE INCOME PROTECTION PLAN?
In July LV= unveiled their new Executive Income Protection plan, designed to provide a single employee or director with a company owned, and potentially more tax efficiant, income protection benefit. In this insight we examined the policy in more detail and how it compares to the rest of the market.
HOW CAN EMPLOYEES CONTINUE THEIR RELEVANT LIFE POLICY IN A NEW JOB?
For small businesses and their owners, Relevant Life Insurance can be an extremely attractive way of arranging a death in service benefit for themselves or an employee. Amongst the features of a Relevant Life plan is the ability to transfer the cover to a new employer or continue it as a personal plan. In this insight we looked at what criteria insurers apply.
RELEVANT LIFE SUM ASSURED LIMITS – HOW INSURERS COMPARE
With Relevant Life Insurance essentially a single life death in service policy, the way sum’s assured are calculated differs slightly to traditional ‘individual’ life insurance plans. In this insight, we looked at the maximum sum assured that providers of relevant life cover will offer, depending on age, and the various types of income they will accept when calculating sums assured.
WHEN ARE FINANCIAL QUESTIONNAIRES REQUIRED FOR BUSINESS PROTECTION applications?
Understanding financial underwriting limits can help reduce the amount of paperwork involved at the application stage and streamline the process, which is helpful to everyone involved. In this article we looked at the financial underwriting requirements for business protection.
WHICH INSURERS OFFER FREE OR IMMEDIATE COVER FOR BUSINESS PROTECTION?
The loss of a key person or shareholder though death or illness can have dire effects on a business’s ability to function. Once the need to protect against such circumstances is established, it is important to get cover in place as soon as possible to mitigate the risks. In this article we looked at which insurers offer free or immediate cover, including how it is offered, when it will not pay out and the maximum that will be paid.
SUPPORTING ADVISERS SELLING BUSINESS PROTECTION – WHO OFFERS WHAT?
Most insurers offer a range of tools and resources to aid advisers in recommending business protection solutions to their clients. In some cases insurers also have high value terms to support the application and underwriting process and to make the journey smoother for advisers and their clients. In this insight we examined the tools and support advisers can get from providers for business insurance cases and how insurers compare.