Bright Grey has launched a new business protection product which offers cover for key person, loan protection and ownership protection.
The policy, which allows advisers to combine up to 10 covers within one plan, also includes key person income cover for sickness which is designed to protect employers from loss of profit if a key person becomes too ill to work.
The firm has increased underwriting limits for life cover to £1m and £350,000 for critical illness cover in a bid to speed up the underwriting process and will offer all business protection customers access to its Helping Hand rehabilitation program.
National partnership manager Jerry Bayman says the business protection industry is still a relatively untapped market despite there being nearly four and a half million businesses in the UK.
He says: “With an estimated value of more than £500bn the potential for advisers to develop the business protection market and create genuine new business opportunities is huge.”
Bayman says many advisers view business protection as a specialist market and are reluctant to move in but says Bright Grey has recruited a customer care team to ensure business protection plans are dealt with quickly and efficiently.