Royal & Sun Alliance is issuing IFAs with a new guide introducing them to
the business protection market.
The Business Protection Guide gives IFAs an insight in to the market,
explaining why businesses need protection and contains technical
information on business protection products. These include keyperson
protection, partnership protection and shareholder protection.
In a survey of employers conducted by R&SA, 94 per cent of respondents
identified that they had at least one irreplaceable keyperson. But 68 per
cent have no form of key-person cover.
Of these companies, 79 per cent attributed their lack of cover to a poor
understanding and awareness of the various types of business protection.
R&SA says the guide will help IFAs move in to the market and will support
IFAs already active in this area.
IFA personal market leader Mark Edwards says: “While businesses recognise
how important people are to their success, the main reason they do not have
keyperson cover is because no one has exp-lained it to them. Consequently,
the business protection mar-ket is left underinsured, leaving obvious
potential oppor-tunities for IFAs.”