ProtectionMay 15 2013

Tie-up aims to address business protection gap

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ByIona Bain

The Every Business Matters campaign aims to highlight the problems caused by skimping on business protection cover, as well as the advantages of financial advice for business.

Clare Harrop, head of specialist protection for L&G, encouraged advisers to use the campaign to discuss protection with clients.

She said: “Businesses around the country are leaving themselves exposed to financial risk and it’s up to us to ensure they are well aware of the importance of being covered. Cost should not be a deterrent.”

Adviser view:

Allan Maxwell, director of Glasgow-based Corporate Benefits Consulting, said: “Not having a proper succession plan to deal with unforeseen circumstances can lead to unnecessary complications.

“Should a partner in a business die, spouses very often don’t have the expertise or the willingness to enter the business after the death so there has to be means of compensation there.”