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Business protection – engaging with clients

With millions of small businesses failing to protect their most valuable asset – their people – the need for business protection is very real, as we outline in our article, ‘Business protection – don’t overlook a huge opportunity’.

So why do business owners continue to insure their vehicles, equipment – even mobile phones – but risk losing their hard-built empires as a result of suffering a relatively common illness, like a heart attack or cancer?

Converting clients: a how-to guide

Despite the need for protection, advisers often tell us that it’s hard to engage with business owners. It’s why we’ve developed a suite of material that uses simple techniques to help you get them on board, quickly and easily. Here are some tips and resources:

  1. Look at loans If you’re not sure where to start with business protection, a good place to begin is by looking at liabilities such as bank loans, directors’ loans and credit. These can not only have a huge impact on the business, but also on a business owner’s family if personal guarantees are involved. Liability protection is one of the simplest areas of business protection to explain and set up. Our ‘liability audit’ sales aid makes it easy to quickly gather the information you need to get started.
  2. Seeing is believing We all like to bury our heads in the sand when it comes to thinking about death or illness. Our ‘risk planning matrix’ can be used to plot the risks and impact of losing a business owner or key person, according to their likelihood  alongside the risks they automatically cover: fire, theft etc. By putting risks in a broader context, and writing them down, clients have the time and space to consider their impact properly.
  3. Finding the right words Kicking off a conversation about business protection isn’t always easy, so you don’t want to lose the client straight away. Advisers successful in business protection often employ a technique of using similar language to their client. So rather than talking about ‘key person cover’ or ‘shareholder protection’, clients may be more likely to relate to terms like: continuity planning, liability audit, managing risk, business will, and succession planning.
  4. Asking the right questions Conversations about business protection don’t need to be complex. Often, a simple question can reveal a great deal. Our ‘business health check’ sales aid lists some straightforward questions so that a client can quickly identify how future-proof their business is.

Need more support? Just ask!

Our Protection Specialists are on-hand to help you identify opportunities and guide you through setting up the best arrangements for your clients.

And when you’re ready to start writing business, Protect – our unique, high-quality, flexible cover – can provide the solutions to meet your clients’ wide-ranging business protection needs.


The information provided in this article is not intended to offer advice.

It is based on Old Mutual Wealth's interpretation of the relevant law and is correct at the date shown on the title page. While we believe this interpretation to be correct, we cannot guarantee it. Old Mutual Wealth cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained in this article.

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