The opportunity for advisers
The need for businesses to protect their future is clear, yet a vast majority of businesses do not have cover. This makes business protection a major opportunity for you.
The market is massive and ideally poised for advisers. A survey we carried out in 2009 illustrates the opportunity:
Legal & General business survey 2009
A research project commissioned by us in April 2009 surveyed 1000 members of the British Chamber of Commerce. The answers they gave provided greater understanding of the business protection market. Of the members surveyed:
- 90% had up to three business owners.
- More than 75% stated the average age of their business owners was between 40 and 65.
- 51% have corporate debt of which 75% have corporate debt of up to £800,000.
- Almost half of all corporate debt is unprotected and 16% of business owners weren’t sure if they had cover.
- Almost half of businesses had no formal agreement to establish what would happen in the event of the death of a business owner.
- 45% said they would survive no longer than 12 months on the death of a key individual who contributed to their profits.
