Meeting Expectations

Published with permission from Vero Insurance New Zealand.

An insurance broker can help you reach a satisfactory claim payout

In a recent survey, run by Vero insurance, it was found small-to-medium businesses recognise having a broker can lead to claim resolutions better meeting their expectations. Only 10% of SMEs using a broker reported dissatisfaction with their insurance claim, while 65% were satisfied. The survey compares SMEs who directly buy insurance, where 21% report being dissatisfied with a claim.

Of the SMEs using a broker, a higher percentage of them had their claimed losses paid out, with 25% saying 100% of the loss was covered, compared to 18% for those who bought directly from an insurer.

Service makes all the difference

SMEs using a broker who had the highest proportion of their claims covered were also those most likely to report having in-depth information and analysis provided by their broker in the first place.

In fact, the survey showed 74% of broker clients who reported a high claim outcome were provided in-depth information and analysis on the options available to them.

Collaboration between SMEs and their broker was highlighted as a key contributing factor in claims satisfaction, with 82% of broker clients reporting a high claim outcome (over 75% of losses covered) said they have a collaborative relationship with their broker or adviser.

If you’re wanting similar results, it’s worth looking for an insurance broker or adviser who will take the time to understand your business and provide sound advice about which insurance is best for your business needs.

Working with a broker on your insurance decisions and striving towards a collaborative relationship with them will enable you to be more informed and prepared come claim time.

By having a broker who takes the time to help you understand your cover and regularly reviews your business risk to ensure the cover you have in place is appropriate for your business, you’re more likely to experience a claims outcome that meets your expectations.

What can a broker do for you?

• They provide you with a risk assessment of your business and recommend the most appropriate insurance and coverage levels based on the assessment
• They keep in touch and provide you with general information on insurance that may affect you in the future
• You’re given ongoing advice and support
• Your broker is supportive of building a collaborative relationship with you and you feel comfortable working together on your insurance decisions.

Ultimately, insurance is an investment in protecting the future of your business.  Adding a broker to the equation can ensure you have the information and support to make smart decisions about the insurance cover which best fits the needs of your business.

Think it’s time to switch to a broker? Get in touch with the team at High Street Insurance Brokers