In a bid to raise the profile of business protection, the firm has hired a team of four advisers to advise on business insurance, including keyman, shareholder protection and partnership protection.
Senior policy adviser Matt Morris says: “Business protection is clearly underbought and gets much less publicity than individual protection, which is itself not as widely publicised as pensions, mortgages, investments and savings.
“In truth, few businesses are prepared for an event such as the death or critical illness of a key person or businessowner. There is a massive need for business protection advice so it is a logical step for Lifesearch to take.”
Morris says business protection is certainly undervalued and providers do not promote it as much as they could.
He says: “It is very different from individual protection and requires different knowledge.”
Highclere Financial Services partner Alan Lakey says: “Business protection is a more complex product and tends to be forgotten. A lot of advisers, through lack of confidence will not approach corporate clients. This is a very clever move by Lifesearch.”