'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

clock • 4 min read

Naomi Greatorex explains to COVER's sister title, Professional Adviser, why advisers should up their game on business owner education to make them aware of the wide range of protection options available.

Moving into 2024 and reflecting on the protection advice I have given in 2023, I can see there has been a real increase in the number of small-to-medium enterprise (SME) businesses we have been speaking to. Advice to smaller business owners is vital. A recent government report showed the total SME employment in 2022 was 16.4 million (around 61% of all private sector jobs), so a huge portion of employment in the UK is reliant on small businesses. The report also detailed that gross lending (excluding overdrafts) to SMEs by all UK banks in 2022 was £65.1bn - up 12.8% from £57.7bn in 2...

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