Scottish Equitable Protect encourages more advisers to enter the market
One in 10 companies has no business protection in place at all, according to research from Scottish Equitable Protect.
The provider claimed corporate Britain could be facing a protection gap amounting to billions of pounds. It also said advisers could be missing out on a lucrative income stream by failing to recognise this untapped market.
Heather Armstrong, head of marketing at Scottish Equitable Protect, said: 'We have recently highlighted the £27bn protection gap affecting consumers. But with just one in 10 companies estimated to have any form of business protection at all, it appears corporate Britain may also be caught in the protection gap.'
In response to the findings, the provider is launching a marketing campaign to encourage more advisers to move into the business protection market.
Other research compiled by the provider found advisers tend to see the market as complex. In response, the provider is extending its IFA support.
'IFAs have told us greater access to expertise and support would be one factor which would help them make inroads in this vastly underdeveloped market ' this initiative is a direct response to this,' added Armstrong.
As part of the initiative, Scottish Equitable has sponsored a COVER supplement on business protection, free with this issue.
It is aimed at helping advisers who are inexperienced in the market make their first move while providing valuable information to help those already working in the market secure more business.
