A quarter of SMEs would use cash reserves if owner died

51% would use personal wealth

Adam Saville
clock • 2 min read

L&G’s 'State of the Nation' research highlights the need for - and value of - share protection

According to Legal & General's most recent ‘State of the Nation' research, 25% of small-to-medium enterprise (SME) business owners would rely on their business' cash reserves if a fellow business owner passed away unexpectedly, while 51% would use their own personal wealth. The findings also revealed that while 37% would expect to purchase the business owner's shares in this scenario, 47% have no specific arrangements in place to transfer these shares. The survey of 800 small business owners showed that one in five (20%) business owners said they have no will or any instructions about...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

AFM members pay out £70m on IP claims in 2023

AFM members pay out £70m on IP claims in 2023

Claims for musculoskeletal continue to rise

Jaskeet Briah
clock 17 April 2024 • 2 min read
Claims pay outs rise 25% for Reassured's customers

Claims pay outs rise 25% for Reassured's customers

MetLife paid out to 692 customers

Jaskeet Briah
clock 17 April 2024 • 1 min read
Guardian joins Mortgage Advice Bureau's protection panel

Guardian joins Mortgage Advice Bureau's protection panel

"This partnership will add more value to the advice and products we offer"

Jaskeet Briah
clock 17 April 2024 • 1 min read