Published with permission from Vero Insurance New Zealand.
There are many great reasons to work with a broker when addressing your business insurance.
Vero spoke with over 900 small-to-medium businesses, where 30% of SMEs, who don’t work with a broker, said they hadn’t thought about dealing with their insurance this way.
So, of the businesses who do use a broker, where do they find value in managing their insurance this way? Read on below to discover the five main benefits of working with a broker, according to SMEs.
1. Campaigning for your business
One of the great benefits of being with a broker, is their capacity to support clients. SMEs Vero spoke with said:
- Client advocacy is an important broker task – 81%
- Having a broker manage the claims process is an important task – 80%
2. Added value to your insurance policy
A broker has the ability to shop around for the best-value policy and helps you determine if a policy delivers comprehensive cover for your business.
Businesses in the survey identified the broker tasks below as especially important:
- Finding the best-value policies – 88%
- Providing policies that are not available direct – 57%
3. A source of insurance knowledge and information
Another aspect of a broker’s role is to keep you informed of any changes in the business and legal field which could impact your risk and insurance requirements. 73% of the companies surveyed thought keeping up-to-date of any changes impacting business insurance was an important service a broker can offer.
4. They save you time
Insurance brokers help with a wide range of insurance tasks, which gives you more time to focus on running your business, not filling in paperwork! 73% of SMEs felt a broker’s ability to tackle admin and paperwork was of particular value.
5. In-depth risk mitigation
When it comes to determining your risk profile and how to alleviate it with the best possible cover, brokers are experts. 70% of the SMEs interviewed said they felt a broker’s skills at assessing their risk profile and recommending a policy, was one of the crucial things a broker does.
Not already working with a broker? Contact High Street Insurance Brokers to find out how they can help.
Article by Catherine Bateman