And just like the personal protection gap, it’s not only sound business sense that should drive SMEs to purchase this type of cover, but the question around whether there is also a moral need to address this issue. 

Business failures mean the economy suffers and can leave customers in the lurch, creditors out of pocket, employees without jobs, and families without support.

Despite its label, business insurance isn’t really just about business.

As Mr Carnegie would tell you, it’s really about people.

Now, where is that parachute?

Richard Kateley is head of intermediary protection at Legal & General