"Even with £46bn of bounce back lending we saw negligible changes in loan protection or key protection figures," Richardson says.

So what more can be done? 

McLoughlin says with increasing signposting from accountants and business advisers, the opportunity for advisers to step into the breach and help sell vital KPC is going to increase over time.

With better education, Richardson says more company executives will realise that even the best risk mitigation programmes can become "undone", and they need to do more now than ever to have insurance-backed funds. 

He comments that this should lead to more in-depth conversations with clients: "It is then important that advisers help their business clients understand what would be needed following the loss of an individual.

"Simply replacing that person might be an option, but the loss of knowledge, skills, contacts, and the myriad other reasons that person is so important will always have a greater effect on the profits and valuation of a customer’s business."

It is also a segue into a discussion on wider workplace benefits. 

On top of arranging vital KPC, Richardson says there are also opportunities for advisers to discuss workplace benefits more widely with their small to medium-sized corporate clients.

He says: "Employee benefits programmes, whether arranged for hundreds or simply one owner can be re-engaged.

"The customer has at one point understood the financial risks of ill health and now is the time to explore the further stresses on the business, its shareholders, and its employers if the worst happens."

But how difficult will these conversations be?

Not very, according to McCranor: "Without necessary cover in place, a business is rolling the dice unnecessarily and believe it or not, business owners enjoy talking about their business.

"Therefore the conversation shouldn’t need much kickstarting.”

Simoney Kyriakou is editor of FTAdviser