Lutine and Aston Scott partner up to plug the SME protection gap with executive protection

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Lutine, the niche and specialist life division of Ryan Direct Group, is launching a new business protection product to help businesses to protect themselves from the financial impact of losing a key talent, an executive or business partner due to illness, injury or death.

Andy Coles, development director for Lutine, said that most business continuity plans remain firmly focused on perils affecting their physical assets and systems with Cyber currently ‘front and centre’, but often fail to consider their most valuable asset, their key people. “What about those entrepreneurs and key people with shares, loans and the knowledge without which many businesses would fall over?”

He said: ”Our executive protection product can combines life, disability, critical illness and income protection cover into one policy, making it is one of the most comprehensive and flexible products in the market allowing businesses to tailor the cover to their own requirements.

Coles said: “Research from Legal and General found that 40% of businesses ceased trading within a year following the loss of a key member of staff. And for sole traders, the facts are even more stark, with 63% stopping trading immediately.”

“Given more than half of UK businesses don’t have any sort of business protection in place, we believe our executive protection product is a timely reminder that it is people, not plant and machinery that make businesses successful.”

Peter Blanc, Group CEO of Aston Scott, which has written the first risk said: “We are delighted to be the first broker to test the market with Lutine on this initiative, which underscores the importance of insurance in keeping our economy going. Without this type of protection, business, and small business in particular, would grind to a halt.

He added: “99% of the UK’s 4.9million businesses are SMEs and 98% have fewer than 10 employees.  In 2014, there were over 500,000 startups, and most don’t think about protecting themselves. SME’s, and the people who run them, are the engine room of the UK economy, and they need to be looked after.”

Executive protection policy facts:


  • Up to £5million lump sum compensation per executive for life, permanent total disability and £1million critical illness.
  • Monthly Income protection up to 75% of salary
  • Comprehensive cover can be provided in one policy
  • Offers flexibility of product purchase; a menu style proposal form makes it easy to tailor the cover to suit each client
  • Clients can choose from a wide range of benefits, cover levels and waiting periods
  • Cover is available for 1 to 5 years