HSBC makes protection easy for small to medium size businesses

HSBC has launched a unique insurance service for small to medium sized businesses (SME) that allows business owners to "mix and match" its various elements to perfectly suit their needs.

The HSBC Business Protection Plan extends the concept behind HSBC's innovative personal protection product, HSBC Life Choices, to the SME business market.

HSBC Business Protection Plan offers a quick and easy application process and incorporates the three key elements of business protection:

Business Protection Life Cover - Up to and above £ 1m age 70

Business Protection Critical Illness Cover -This covers the five most common causes of claims that currently make up 93% of our usual claims experience; cover to £1m; to age 70

Business Protection Accident and Sickness Cover - Available up to age 65. It is to be used to protect loss of income of a ‘Key Person' employee or repayments of Loans. There is no underwriting for accident and sickness cover

All three can be ‘mixed and matched' to provide a level of protection that perfectly fits a customer's business needs in one product. This is decided during an in-depth assessment by a specialist HSBC business adviser who will guide and advise customers through the different levels of protection available.

Robert Lang, CEO HSBC Life said: "We have spent the last 12 months tailoring what is already a strong market offering and are confident that this menu-based style of product and the ease of application will prove popular amongst SME customers. We are constantly looking at ways to improve our range of protection products and truly believe that this will provide a more straightforward process for existing and potential customers."

"The underwriting process in place drastically reduces the amount of medical information required on application and simplifies the procedure; ensuring customers understand exactly what is being asked of them."

Alan Keir, General Manager of HSBC Commercial Banking, said: "Our Business Protection plan confirms our all-round commitment to enabling our SME customers to have the right level of security for their businesses by making it easier than ever before. This simple solution can help fund a business which may need to pay off a loan in the event of the loss of a key member or provide income in the event of accident or sickness."