Opportunity knocks

Not wasting the protection opportunity given by the onset of auto-enrolment was the topic explored by IFA Roy McLoughlin of Master Adviser.

During his presentation, Mr McLoughlin stated that according to the National Employment Savings Trust 90 per cent of companies need advice on auto-enrolment, which provides a huge opportunity for advisers to talk to them about the protection risks they face.

According to research from Zurich, 59 per cent of limited companies have no key person protection and 61 per cent of limited companies have no share protection in place.

As well as the opportunity to advise employers on their business protection needs, Mr McLoughlin also stated his case for greater education being needed around sick pay benefits, to ensure that employees have a true understanding of the provision they are entitled to, leaving them better able to plug any gaps.

In response, the Association of British Insurers stated it is developing a workplace statement that will allow employers to tell employees exactly what sickness benefits they would be entitled to, enabling people to better understand any financial weaknesses they may have.

Kevin Carr is chief executive of Protection Review