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Scottish Widows Highlights Opportunities in Business Protection Advice
Scottish Widows research reveals that nearly half of SME owners have never sought advice on business protection, highlighting significant opportunities for advisers.
New Research Underscores Advice Gap
Scottish Widows' latest business protection risk report finds that almost half (45%) of SME owners have never sought advice about business protection. The research, conducted by YouGov, indicates that professional advice is a key trigger for taking out cover: 35% for Business Life Insurance, 47% for Relevant Life, and 43% for Critical Illness cover.
Added Value Beyond Claims
The report also highlights that business protection policies often provide more than just financial payouts at claim stage. Many include support services that can be accessed daily, such as:
- Virtual GP services and medical helplines
- Mental health and wellbeing support
- Healthy living and preventative care resources
- Second medical opinions
- Nurse and care advisory services
Advisers are encouraged to discuss these added value benefits with clients to help them understand the broader importance of business protection.
Adviser Support and Resources
Scottish Widows is offering a live webinar, "Spot the risks hiding in everyday business-owner conversations", on 8th September from 11:30 to 12:15, which qualifies for CPD. In addition, an editable conversation tool and further resources are available on the Scottish Widows Business Protection Hub.
For more information, advisers can access the full report and support materials via the Scottish Widows adviser website.