Advisers said this is partly down to an increase in the number of SMEs and self-employed people.
Nearly a quarter (24%) of advisers with corporate clients have seen the demand forbusinessprotection rise in the past five years, according to insurer VitalityLife.
Advisers put this down to more awareness amongst businesses about the need forprotection, a rise in the number of SMEs and the self-employed, and the legislation that brought about tax-efficient relevant life cover products.
Craig Palfrey, independent financial adviser at Penguin Wealth, said:“It’s great to see that enquiries frombusinesses forprotection insurance are rising.
“This is a crucially important area and one that is sometimes overlooked by advisers and insurers.
“Essentially, it is often the same clients and the same products – but with the angle focused onprotecting the future of thebusinessas opposed to the mortgage or family.
“And with auto-enrolment, relevant life and ongoing insecurity around UKbusinessand finance, the need for advice onbusinessprotection is only likely to increase.”
However in contrast to those seeing an increase in interest, 14% of advisers with corporate clients have seen a decrease inbusinessprotection conversations over the past five years.
They blamed an ageing client book that are more focussed on retirement, cover already being in place for the majority of clients and the long process often involved.
A large number of advisers aren’t prioritising their ownbusinessprotection needs with almost half (46%) not having any cover in place for their company, rising to 59% for advisers that are sole traders.
Deepak Jobanputra, managing director at VitalityLife, added: “Businessprotection is often neglected by company owners, yet it is vital for people to safeguard against the unexpected loss or illness of abusinessowner or a key person.
“This is why it is encouraging to see these results showing that more people are actively seeking out this type ofprotection.
“Over the past few years we have seen a real step change in information and the support available to advisers aroundbusinessprotection, but it’s clear there is more that can be done.
“This is one of the reasons we have a full spectrum of flexible products, aimed at specifically meeting the needs of the different types ofbusinesses on advisers’ books.
“Plus, with the introduction of serious illness cover forbusinessprotection clients, advisers will be able to offer their clients more comprehensive benefits for their money with the ability to claim earlier if they were to ever get ill.”
Advisers want improved product features (28%) and more support and training from insurers (24%) to help them better meet clients’businessprotection needs.
A further 14% of advisers with corporate clients would like to see newbusinessprotection tools, including tele-underwriting support and sales collateral.
