What does your business growth mean for your insurance?

Got big plans for your small business? If you’re looking to grow, diversify or change the way you operate, be sure to check your insurance cover aligns with your business strategy.

Smaller businesses are more likely to take a DIY approach to insurance

• 35% of SMEs with 1–5 employees purchase insurance direct
• 18% of SMEs with 6–9 employees purchase insurance direct

When we spoke to owners and decision-makers at small-to-medium enterprises across New Zealand for the 2019 Vero SME Index, we found smaller businesses are more likely to purchase insurance direct for at least some of their cover.

Business growth is cause for celebration – and a reason to check your risk

If you have a small business, with relatively simple insurance needs, it can make sense to buy insurance direct rather than through a broker.

As your business grows, your insurance needs are likely to grow too, both in terms of cover and complexity. If your business plan includes taking on more employees, growing your customer base, growing your product offering, or changing the way you do business, it’s time to talk to your broker.

Taking your broker through your strategic goals is the best first step to making sure you’ve got your insurance – and your business – covered. Going it alone without advice can put you at risk of under- or over-insuring your business.

Risk and risk mitigation are your broker’s business

It’s your broker’s business to understand the insurance implications that changes in your business are likely to bring. They can advise you if you need to adapt your cover to mitigate any increased insurance complexity, and how to do this best.

Working with a broker doesn’t rule out buying some insurance direct. Your broker can help you understand which policies could be bought direct, versus the options your business may need that warrant a greater level of insurance expertise.

Not working with a broker already?

Use our broker locator to find a broker near you.