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Vero Voice Blog
5 big reasons to use a broker (according to small businesses)
By Campbell Mitchell
Executive General Manager, Customer Marketplace
7 June 2018
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Insurance customers are increasingly getting a lot more choice about where and how to purchase their insurance, and that’s a great thing. But with more choice comes more decisions, not just about what insurance you need but also how to arrange it.
At Vero, we sell businesses insurance through insurance brokers because we believe that our customers benefit from receiving high quality, independent insurance advice.
But you don’t need to take our word for it.
We recently surveyed 900 small to medium sized enterprise (SME) business owners and decision-makers who purchase 50 – 100% of their insurance through a broker.
Here are the top 5 reasons small business owners reported using a broker.
1. Expertise
79% said they value the expertise that a broker can offer. Although often this might just mean insurance expertise, some brokers can also offer more general advice on your business, including business planning, risk management and regulatory changes that will affect you.
2. Service
65% said they valued the service they got from their broker. Sometimes that will be simply the broker putting your insurance arrangements in place or assisting with claims. But many SME customers have full partnership relationships with a broker where they make decisions together about their insurance needs.
3. Price
Sometimes there’s a perception that buying insurance direct is cheaper. But 54% of the SMEs we spoke to said they trust their broker to find them the best insurance for them, at the most competitive price.
4. Time
58% said they use a broker to save time. We know that time is a major challenge for SMEs, and many value the fact that an insurance broker can do a lot of the legwork when it comes to evaluation of business risks and recommending products to suit.
5. Confidence
Do you ever worry about whether you have the right insurance for your business, or whether you’ll be covered if something went wrong? Using a broker could help. 85% of the SMEs we spoke to who use a broker for 100% of their insurance are very confident that they have the right insurance for their business.
If you’re keen to talk to a broker about your business insurance needs, we can help you find one.
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.
