Business protection is a type of insurance that helps protect a business against possible financial losses when illness or death affects the owners or their employees. By including business protection in a firm’s business plans, owners can help the business to survive and continue trading under seriously challenging circumstances.
As a business owner, your clients may want to take steps to protect their businesses against major catastrophes and put together a business continuity plan to ensure its future if things go wrong. However, our research suggests some owners may have given little thought to insuring against the loss of their most important business assets – themselves and their key employees.*
The death or critical illness of a key employee or a co-owner can have a major impact on the business. It could lead to a fall in sales, the loss of a major contract and difficulty in repaying business loans. Without the cash to buy out a co-owner, the business could even end up in someone else’s hands.
At AIG we provide comprehensive business protection product range designed to reduce the financial impact on your client’s business if someone key to the business dies or suffers a critical illness.
*Source: Qualitative telephone-based research, conducted in November 2012 with 40 business decision-makers and influencers, on behalf of AIG by Metro Research Ltd