LifeSearch has struck a deal that will see a team of specialist advisers offering business loan protection advice to small to medium enterprise customers through Lloyds Bank’s commercial banking division.
Protection is optional and, for those that choose to take advice, LifeSearch will provide it through Scottish Widows’ business protection proposition.
Tom Baigrie, chief executive of LifeSearch, said: “In order to offer the best in business protection, you need a combination of good quality service and support from the provider plus advice and real consultancy.
“Considering the level of growth in the UK’s small and medium-sized enterprise sector, there is great need for such a combination of expertise.
“There are a large number of firms out there that might suffer disruption to their business or may even have to cease trading if a key person, shareholder or partner died.”
According to Defaqto’s Business Protection Guide, there is a 60 per cent gap between those that need business succession cover and those that have cover in place.
Alun Beynon, Scottish Widows’ head of intermediary distribution for protection, said: “This is a specialist area requiring advice and it makes great sense for us to team-up with a company like LifeSearch, which has an impressive track record in delivering protection advice.
“It is clear that many business owners have not safeguarded their companies from the unexpected and are unaware of policies which can protect against possible financial losses from situations such as the death or serious illness of a key individual within their business.”
damian.fantato@ft.com
