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Business protection - State of the nation's SMEs report


Publication date:

28 August 2019

Last updated:

18 December 2023


Legal & General (L&G)

6th edition of Legal & General's (L&G) "State of the Nation" SME research.

Since 2009 Legal and General have undertaken research within the small and medium size business (SME) sector to understand and explore the risks that these businesses may be running if death was to happen to any of their key people or owners. The aim of this report is twofold, firstly to identify what opportunities there are in this market for financial advisers and then to assist you initiate your conversions with your business customers.

Business protection is a largely untapped market and few advisers specialise in it yet, the market is extensive. There are currently circa 5.7 million private sector businesses in the UK and 99% of these are what we class as SMEs.

This research explores the risks that businesses may not be aware of. We’ve found that year on year there is a lack of awareness is the biggest obstacle to more businesses not being covered. For instance, the research shows that:

  • 52% of businesses would cease trading in under a year if a key person died or became critically ill.
  • 69% of SME businesses have never heard of relevant life plan.
  • 63% of SME businesses said death of the owner would have the biggest impact on their business.


As a financial adviser you can bring that awareness front and centre for your clients who own their own businesses.


Read the full report HERE.

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.