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By Cris Knell
Executive General Manager, Distribution
18 July, 2017
Earlier this year, we published the Vero SME Insurance Index, which paints a picture of the insurance landscape for small to medium businesses in New Zealand. The report showed that there are major differences in the relationships small businesses have with their brokers.
There are three different relationship types
Distant
A broker gets you quotes, but you still do all the work.
Delegated
A broker presents a recommendation, and you usually choose that.
Partnership
A broker presents you with some choices, and you make the decision together.
Most customers are satisfied with the relationship they have with their broker
Over half of our survey respondents scored their broker at least 8 out of 10 or higher for satisfaction.
But a small number weren't as happy. If you're buying your insurance through a broker, think about what kind of relationship you have, and whether It's the right type for you.
Customers use brokers for a lot of different reasons. If you're seeking a personal connection with someone who understands your business and has a personal connection with you, you might need a partnership relationship. If you're only using a broker to get access to better wordings, or to get cheaper insurance, you may only want a distant relationship.
As your business grows, your insurance needs might change
If you're a sole trader, you may only have a broker providing quotes for you to choose from. But as your business grows, your needs may increase and you may want to Delegate more to your broker, or even develop a partnership relationship with them.
Growing your relationship with your broker as your business grows means that you'll have someone in your corner who knows your business inside and out, and can ensure that you're making the best decisions to protect what you've built.
Want more information?
If you'd like to learn more about how insurance could help protect your business, read about Vero's Business Insurance options here. Or if you're ready for expert insurance advice, contact a broker or adviser.
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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.
