According to Aegon UK, the business protection market is ready for growth.
Most small businesses and self-employed people, who borrow money from a bank or elsewhere, do not protect the loan. So if they become ill or injured, or even die, they are unable to continue with the loan repayments. The lender will want their money, so for death this will take a chunk out of the estate, while if unable to pay for several months, the bank will want their money, which may mean the business, or home has to be sold.
There is a need for life, critical illness and income protection covers to protect business loans.
Few advisors or insurers seek this type of business or have the knowledge to handle it.