Legal & General (L&G) has launched a business protection tool enabling advisers to help firms calculate the value of its 'key people' for insurance purposes.
The tool allows advisers' clients to calculate the necessary sum assured by either measuring a key person's value in terms of replacement costs or in terms of the impact their absence could have on profitability. Russ Whitworth, L&G director of underwriting and claims, says: "The loss of a key person can have an immediate impact on a business and its chances of survival may be greatly reduced. "This loss could also affect all those connected with a business such as employees, customers and the business owners. "We encourage advisers to take the time to get in front of their busines...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
