Royal & SunAlliance has launched an IFA support pack to help promote the importance of adopting busi...
Royal & SunAlliance has launched an IFA support pack to help promote the importance of adopting business protection, following research which suggests 94% of businesses would feel the strain at the loss of one irreplaceable key person.
According to the R&SA survey, most businesses would suffer if they lost just one key person - through death or critical illness - within their organisation, yet only 32% of those questioned say they have some form of key person cover.
Of these, 79% attributed their lack of cover to a lack of awareness and understanding about the benefits of business protection - which among others, can cover keyperson protection, partnership and shareholder protection.
R&SA's Business Protection Guide gives IFAs background information and technical details about the variety of options open to businesses, but also offers an alternative form of business potential for IFAs working in the 1% world, says Mark Edwards, IFA personal market leader.
"It is clear that while businesses recognize how important people are to their success, the main reason they do not take action on key person cover is because in most instances no-one has explained it to them. Consequently, the business protection market is left underinsured and carried obvious opportunities for IFAs.
"As the industry comes to terms with the restraints of the stakeholder environment and the 1% world, the Business Protection Guide will help IFAs move in to the more lucrative business protection market and will support those IFAs who are already active in this area," adds Edwards.
Contact your usual R&SA consultant to receive a copy of the guide.
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£80bn funds under calculation