Aegon has produced a factsheet highlighting the importance of business protection for an adviser's clients.
The business continuity and succession planning factsheet highlights the likelihood of at least one partner or director of a small to medium sized enterprise (SME) either contracting a critical illness or dying.
It also highlights the benefits to the company, employees and families of having key person and/or shareholder protection in place.
Aegon said it wanted to present a clear picture of the risks to businesses. It is estimated that only 5-10% of companies in the UK have key person cover, with a 50% chance of one of two directors aged 35 contracting a critical illness and a 94% likelihood that a business with 10 partners aged 50 contracting a critical illness.
Stephen Crosbie, Head of Proposition - Protection and Investments at Aegon, said: "It's hard to believe that despite these odds businesses continue to neglect to cover their single biggest asset.
"This factsheet gives business owners some questions to think about when considering their business continuity and succession plans which is something all businesses should do.
This new initiative follows AEGON's recent business protection video.
