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Does the current economic environment present opportunities for advisers to start writing more business insurance?

Considered to be one of the most challenging areas in which to write risk insurance business, there appears to be a renewed push by insurers, dealer groups, service providers and others to arm advisers with the knowledge, skills and systems to enable them to confidently and competently address their clients’ business insurance needs.

Today, more than ever, business owners are asking themselves the tough questions about what will become of their business if something should happen to them or to their key staff.  Would they, their families and the future of their business be properly provided for?

But while the questions are easy to ask, the challenge for many advisers is how to come up with the right answers.  How does the less experienced adviser:

• Decide which cover is required for which business owner(s) and key staff?
• Determine the formula that will allow them to calculate the right level of cover to provide?
• Decide whether a business insurance policy should be written under superannuation or outside or in combination?
• Determine whether the best solution under a family trust arrangement is still the best solution under a company or partnership structure?
• Construct an appropriate buy/sell agreement, and know when they should be used?

The solutions to these and many other questions is being made easier, thanks to renewed efforts from a variety of areas within the insurance industry - from expertise being offered by the insurance companies, accountants associated with financial planning groups, experienced dealer group support consultants, advisers sharing their knowledge and from technology and other services providers.

We want to know about your current point of view on this topic, so our latest poll question is:

Do you expect to write higher levels of business insurance in future?

Vote now to register your opinion.

We will report back on your response to this question.  When we report back we will also highlight a number of adviser support initiatives that are taking place in the business insurance area today, and how those services may assist in increasing the value and profitability of the adviser’s practice.

In the mean time riskinfo has introduced a new Comments facility (see below) where we invite all advisers, paraplanners and other industry contributors to have their say on our poll stories and make their voice heard.