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ScotProv warns SMEs on need for protection

Small to medium-sized businesses are overlooking the need for protection insurance at their peril as they would be most damaged by the loss of a key employee, Scottish Provident has warned.

The company says there is a definite need for SMEs to take protection such as keyperson or employer liability insurance more seriously.

More companies are making provision for their employees through benefit packages but few think about the long-term effects of losing a key employee.

ScotProv suggests that IFAs active in the SME market should ask clients to make a list of events which could negatively affect their businesses, ranking them in order of financial impact, and then consider which of these events they have insured against.

ScotProv says once this exercise is completed, it is easier to convince clients of the importance of setting aside a fraction of monthly costs for life and critical-illness cover.

Head of marketing and product development Nick Kirwan says: “Protection is not just for people with mortgages. People running their own businesses need protection for exactly the same reasons as individuals.

“A death or critical illness will severely affect how that business can perform but it is clear that very few firms understand the scale of the threat or the solutions available to minimise the impact.”


Fidelity to run IFA workshops

Fidelity will be running a series of workshops for IFAs in 26 venues across the UK from late May to early June. The workshops will address issues including how asset allocation strategies should be modified in the lower-return environment, restoring investors&#39 confidence and investment planning without new investment. The seminars begin on May 27 in […]

Is final whistle about to blow?

I am the finance director of a UK listed company employing over 500 staff, all of whom are members of the final-salary scheme. I have become increasingly alarmed at the number of final-salary schemes that are closing to new members or winding up. What is causing this situation and what should I do regarding our […]

Inheritance tax – good news all the way

Once again, another Budget passes with no significant changes to the inheritance tax regime, the nil-rate band simply rising in line with inflation to £255,000.On the surface, IHT seems to be the forgotten tax as far as Gordon Brown is concerned but perhaps if we dig a little deeper we can detect a reason for […]

Threadneedle bond specialist Bacon to retire early

Ted Bacon, head of Threadneedle&#39s investment-grade corporate bond team, is taking early retirement due to ill health.Bacon, who managed the strategic and UK corporate bond funds in addition to heading the high-quality bond division, will retire at the end of June after more than 18 years with the group.He will be replaced on the strategic […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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