Goodfellows has launched an insurance product against the risk of business failure called Unemploymentsafe.

The product is available to all proprietorial directors or partners of UK businesses, or self-employed people in any occupation or industry.

Benefits of up to £2,500 per month for up to two years are available if the business ceases to trade for reasons beyond the insured's control, such as farms hit by foot and mouth. The tax deductible premiums would be around £50 a month for a payout of £2,000 a month for a year.