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Scottish Widows Highlights SME Business Protection Gap in New Report
Scottish Widows has released a new business protection risk report, revealing that nearly half of SME owners have never sought advice on business protection. The report offers practical guidance for advisers to identify and address protection needs within client conversations.
New Research on SME Business Protection
Scottish Widows has published a new business protection risk report, combining fresh research with practical advice for financial advisers. The findings indicate that almost half (45%) of SME owners have never sought advice about business protection, highlighting a significant opportunity for advisers to engage with this market.
From Knowledge Gap to Connection Gap
The report suggests that the main barrier is no longer a lack of awareness, but rather a 'connection gap'—the challenge of turning fragmented client risks into comprehensive protection solutions. Catherine Trimble discusses how stronger relationships between advisers and professional partners can help bridge this gap.
Starting the Right Conversations
Another key theme is the importance of how advisers approach business protection discussions. The report encourages advisers to begin conversations by focusing on real business risks, rather than leading with products, to make discussions more relevant and accessible for clients.
Consistency as a Competitive Edge
Alan Jenkinson explores the idea that consistency in addressing business protection is now a critical differentiator for advisers. While awareness is important, the report notes that the current challenge is converting this awareness into regular, effective adviser action.
Tools and Further Insights
Scottish Widows also highlights a range of protection tools and calculators designed to help advisers add value and save time. Additional articles and thought leadership pieces are available for advisers seeking further insights into the protection market.