Protection specialist LV has launched a range of business protection insurance products designed to protect small and medium sized businesses against the financial impacts of death or critical illness.
The firm offers key person, shareholder and partnership insurance plus loan protection.
It said these three new products compliment the existing relevant life cover for businesses that LV launched in 2013.
LV added that it has developed jargon free-client facing communications including easy-to-use calculators that make it easier for advisers to calculate the potential value of their client’s business, as well as the amount of cover required and how to fairly split the total cost of cover between the shareholders or partners, relative to the benefits they stand to gain.
Additionally, it has introduced a series of business trusts, option agreements and support guides.
Those clients who take out life or critical illness cover can select level, inflation-linked or decreasing amounts.
Those who taken out a relevant life policy can select to have level or inflation-linked cover.
LV said its critical illness cover for business owners mirrors its individual policy and includes free children’s cover and that all business protection policies come with a choice of guaranteed increase options, with no further underwriting required for increases up to 50 per cent of the original cover amount and £250,000 overall.
LV’s business protection combined life and critical illness cover mirrors its individual policy and includes free children’s cover and its business protection policyholders automatically qualify for access to LV Business Care which offers access to a free 24/7 legal advice line that covers areas including HR, contracts and health and safety.
These benefits are unique to the LV product range.
Myles Rix, managing director of LV protection, said: “The number of small and medium business in the UK is growing and the way that businesses operate continues to evolve.
“However, it remains important that business owners, new and old, take steps to guard against leaving themselves financially vulnerable if, for example, a key person were suddenly unable to work.
“As protection specialists we have built on our existing knowledge and expertise, and worked closely with business protection advisers, to create a new proposition that is attractive to them and their clients.
“We are committed to working with advisers to raise awareness of business protection and grow the market and have developed tools that we believe will help advisers to discuss and demonstrate the value and benefit of these policies.”
ruth.gillbe@ft.com
