TAL workshop to tackle business underinsurance

According to a statement, the workshops will be run through TAL’s Risk Academy and presented by national technical manager Scott Hoger.

The workshops will focus on the technical skills needed to create effective business succession plans, TAL said.

TAL head of licensees and partnerships Beau Riley said the workshops were developed to help advisers identify key advice opportunities that exist in their customer base and raise awareness of the importance of business insurance to small to medium-sized business owners.

“Business insurance advice has grown significantly as a new avenue for financial advisers. While there are more than 2.3 million actively trading businesses in Australia, research indicates that less than 20 per cent of Australian businesses are equipped with a succession plan,” Mr Riley said.

Mr Riley said the underinsurance gap presents an ideal opportunity for financial advisers to fulfil their best interests duty and add value to their customers.

“By supporting customers to develop good succession plans, financial advisers can help customers maximise the value of their businesses and ensure they meet future needs,” he said.

“There is a clear need for business succession advice and financial advisers with the technical knowledge and skills in the space will differentiate themselves in the market.”