They may be busy helping clients obtain security and satisfaction, but a surprising number of introducers and advisers fail to think about coverage for themselves, a leading industry figure has warned.
Speaking at the Financial Services Expo in London, Robert Sinclair, chief executive of the Association of Mortgage Intermediaries said that businesses needed to make sure their own brokers and advisers have adequate critical illness insurance.
Acting as compare on a panel that included John Coffield, head of mortgages at Paradigm Mortgage Services, and Jason Berry, director of sales at Uinsure, Sinclair recounted a meeting in which it transpired 40% of advisers working at the company did not have appropriate life insurance in place, while 60% of employees did not have wills.
Sinclair gave the example of a company that lost two advisers to illness at the beginning of the year, however, it transpired neither had arranged critical illness cover.
Making the case for considering the impact this failure has on business, Sinclair highlighted the possibility of firms leaving themselves open to future legal action if they fail to ensure their staff and clients alike have adequate insurance cover.
Sinclair said: “My view is that unless you offer all the relevant insurance products properly, the risk to you as a business in the litigious complaints world we now live in, is very great.”