Major Challenge Facing Small Businesses

Published with permission from Vero Insurance New Zealand.

Vero ran a survey addressing the evolving mind set of owners and decision makers in small to medium enterprise (SME) business. It’s likely not a surprise to other business owners, that time was the major challenge affecting these enterprises.

Time is the Top Three Challenges Facing SME Businesses

1. 35% Trying to do it all by myself
2. 34% Having no time for family or myself
3. 25% Managing my time efficiently

Another concern for SME’s surveyed, was the quantity of admin needed to operate their small business, along with the feeling of isolation.

An Insurance Broker Could Help

If you’re a decision maker for a small to medium sized business, using a broker is a way you could save time. They understand the risks your business has to address when purchasing insurance.

Obtaining business insurance can be complicated and time consuming, however, 58% of businesses who use a broker, said saving time was one of the justifications they had for working with an insurance broker.

A broker works with your business to analyse the main risks to it, and they will investigate and recommend policies to help cover these risks. They will be able to put the policy in place for you and assist in making a claim if needed.

You’ll Still Have Control

Letting go of decision making as a company owner, can be difficult and some owners think they’ll have better control over their insurance policies if they deal directly with an insurance company.

However, there’s multiple ways to manage your broker relationship, and utilizing them as a way to save time doesn’t mean you’ll have a lack of control. It was found only 9% of small businesses with an insurance broker allowed their broker to make a call on their business insurance.

Most SMEs working with a broker say the relationship works as a partnership, where the degree of control was chosen by them.

• 36% – My broker or adviser presents a recommendation and I usually choose that
• 30% – My broker or adviser presents me with some choices and we make the decisions together
• 14% My broker or adviser gets me quotes, but I still do all the work when it comes to making decisions about business insurance.

If you feel constrained, and a little overwhelmed by your responsibilities as a small to medium sized company owner, it could be a good idea to look at what you’ve got on your plate and consider where you can save time.

If you’ve never worked in partnership with a broker, reaching out to one might be a great way to start saving time so you can spend more time on things that really matter, like friends and family! Try contacting the team at High Street Insurance Brokers to see how they can help.

By Campbell Mitchell