Bright Grey targets “untapped” business protection market

Bright Grey is launching a bespoke menu-based proposition into a business protection market it describes as \"untapped\".

The insurer says it intends to explode the myth that business protection is a specialist market and is pledging to help advisers through the advice process. Its offering comprises cover for key persons, loan protection and ownership protection.

Bright Grey’s proposition includes a full range of dedicated services to support advisers in tackling the gap. It ensures that businesses are protected against the financial problems associated with the loss of one of their key people or one of the owners through death, critical illness or temporary disability.

It also includes key person income cover for sickness, which is designed for the employer to protect themselves from the loss or profit they would suffer if a key person in the business is incapacitated.

The Bright Grey Business Protection Menu offers a flexible menu with a range of covers allowing advisers to mix and match to suit business needs, combining up to 10 covers within one plan. The insurer says it has taken the opportunity presented by the launch to review its financial underwriting and introduce what it describes as ‘highly competitive’ underwriting limits of £1 million for life and £350,000 for critical illness to speed up theunderwriting process.

Bright Grey offers increasing cover options – a choice of RPI (2-10 per cent) or fixed rate (2-5 per cent) – that pays an extra 15 per cent commission, with no requirement that the increase is taken.

Jerry Bayman, national partnership manager for business protection at Bright Grey says:”With nearly four and a half million businesses in the UK, the business protection industry is still a relatively untapped market. It could be argued that the pensions and group risk markets have reached a level of maturity with little actual “new” business being written. With an estimated value of more than £500 billion, the potential for advisers to develop the business protection market and create genuine new business opportunities is huge.”