Every Employee Matters

Every Business Matters, Every Employee Matters

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It may be true that the economy is on the upswing; with small businesses seeing a boost in business confidence, according to recent research.

The research shows the UK’s SME sector is emerging from the recession with confidence now at a three-year high and nearly three quarters of UK SMEs reporting profits in the last financial year.

As part of its Every Business Matters campaign, unbiased.co.uk and Legal & General have joined forces to highlight the importance of the employee protection gap at a time when an average of nearly one in five SMEs are taking on more staff compared to 12 months ago.

Behind every good business…

It seems that business owners realise the value of Group Protection with two in five saying Group Life protection is an essential part of their benefits package for staff, rising from less than a third in 2011. And one in five employers offering Group Income Protection as part of their staff benefits package say they recoup the cost in improved employee morale and productivity.

Clare Harrop, Head of Specialist Protection at Legal & General says:

“Being profitable is only a small part of what small businesses need to think about as they look to grow themselves out of the recession.  Good talent is invaluable, and critical to a well-run business, which means owners have to offer value not only in the role or salary they offer but also in the protection and benefits they provide staff, and we are seeing a big gap in the market for advisers to start these conversations.

“Legal & General has seen strong demand for protection products from small businesses.  Advisers can now get quick quotes online for Group Protection schemes insuring 10-150 staff for as little as .5% of payroll.   Our Relevant Life Plan (RLP) is a tax efficient individual Death in Service benefit, ideal for Directors and other employees of smaller, micro businesses. RLP’s can also be used in conjunction with group schemes to top up a short fall in cover for high earners.”

Karen Barrett, Chief Executive of unbiased.co.uk says:

“The introduction of auto-enrolment has placed further emphasis on the benefits an employer offers.  This is presenting huge opportunities for advisers to speak to clients about their overall business protection and employee benefit needs.  Our ‘Every Business Matters, Every Employee Matters’ campaign is about raising awareness of the growing SME protection market and the discussions advisers could be having with clients to discuss issues affecting their businesses.”