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Over the past six years, Legal & General has conducted three waves of research with owners of different sized businesses at varied stages of development.
The research continues to demonstrate a general lack of awareness of business protection, showing that many businesses have not evaluated the potential risks. As an example, Legal & General’s research shows that 40% of businesses will cease trading in less than 12 months if a key person dies or becomes critically ill.
L&G also found that 89% of businesses that have taken out business protection insurances did so because they were advised to do so by a financial professional. Our Chartered independent financial planning team, Armstrong Watson Financial Planning & Wealth Management, have analysed this research and are concerned that many businesses remain vulnerable. Basically, too few have made adequate arrangements to protect their business against the loss of the people that really matter in the long term.
There are some startling headlines:
For more detail on the L&G report and to get our Financial Planning & Wealth Management team’s view on what the numbers mean, read the blog series here.
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