Brokers urged to encourage SMEs to cover people as well as plant
In a move to help brokers attract additional revenue from the 4.7 million small businesses that are now in existence across the UK, Ageas Insurance Limited has enhanced the benefits and cover offered under its Personal Accident (PA) policy. With a minimum premium of just £250 per annum, the newly enhanced product is accessible to the smallest of businesses, and is designed to provide protection to the key people behind these concerns should accident or ill-health prevent them from working at a key time in their business’s growth.
The cover enhancements include adapted workplace, catastrophe, coma benefit, as well as commuting expenses for injured employees and hospital visit travel expenses for relatives. In addition, Ageas has improved the level of cover for existing benefits. Funeral expenses have been increased by £5,000 to £10,000; medical expenses are now covered up to £25,000, whilst retraining expenses cover has increased from £5,000 to £25,000.
Ageas offers brokers an online quote facility via its Ageas Optima extranet as well as a PA Toolkit to support sales, it is urging brokers to promote the benefits of PA cover to protect a business’s most important assets – its people - in the same way they would protect their plant and machinery. The development comes as a new survey from the Department of Business Innovation and Skills found that small businesses are recruiting faster than at any point since 1988 and the CBI reports the fourth consecutive quarter of growth for small manufacturers.*
The PA Toolkit includes a simple summary of cover, benefits and the packages available. Importantly a whole section of the toolkit is devoted to offering tips to brokers on how they can promote and sell PA cover to their commercial customers with some suggested questions they should ask and literature they can leave for the customer to consider.
The Ageas Personal Accident policy is fully flexible and cover can be arranged based on the budget the business can afford. Firms can choose to cover just key people or all the people in the business, while benefits can be paid to the business, the employee or a combination of both.
Neil Thunström, PA and Special Risks Underwriting Manager comments: “99% of the UK’s 4.9 million businesses in the UK are SMEs and 4.7 million are micro businesses employing up to 9 people**. This is a massive opportunity for brokers as these young businesses need their leaders to drive them forwards. If a person crucial to the business is absent as a result of accident or ill health it could leave the business vulnerable. PA cover offers small businesses the security they need and Ageas is committed to helping brokers offer their clients the best value and cover.”