|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, June 14th, 1:52PM


Latest Headlines

Sovereign pushes further into business insurance market

Sovereign says that in the current economic climate businesses have a greater need for key person than in better times.

Tuesday, November 25th 2008, 10:50PM
The company has seen, what it calls, an extremely high number of businesses failing because they do not have the right insurance cover.

Recent ACC research supports Sovereign’s observation, indicating that 1,880 businesses over a calendar year were forced to wind up because of injury to a key person. It says this figure would be much higher if business wind ups due to death or serious illness were also taken into account.

Sovereign says it has refocused its attention on developing an insurance solution that protects a business’s income.

This is the rationale behind Sovereign launching Business Earnings Protection, a business insurance product specifically designed to protect a business’s income in the event a key person is unable to work due to illness or injury, Sovereign managing director Simon Blair says.

The other issue is that there is evidence showing that there is a serious level of under-insurance among business owners.

“It’s disturbing to see that 40.6% of chief executives, 77.6% of business partners and 84.5% of key employees don’t have any life insurance,” Blair says.

“We see the claims and know that protecting business cash flow is critical to a business’s survival. Imagine the problems a business might face should it lose the revenue and expertise of a key person. Without protection, a business could be left with no option but to wind up,” Blair says.

Business Earnings Protection provides a monthly payment to the business so that it can make loan repayments, cover overheads, hire a replacement or meet other financial or business obligations.

The new product fits within Sovereign’s Business Continuity range.

« Market share for life companiesMaloney to head Stone after Asteron buys Service 1st »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

New customers get 3-months' premium-free on Fidelity Life
Fidelity Life has announced a special offer to cover new customers’ premiums for the first 3-months of their policies.

Premium relief for customers in drought areas
Fidelity Life offers premium relief to drought-affected customers

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and