SME owners want brokers to advise on more than business insurance

More than 60 per cent of SMEs surveyed during the Vero SME Insurance Index said that it was very important to receive advice on personal insurance and other financial products and not just business insurance.

“Many broker clients want to engage with their broker on more than business insurance and want advice or help bundling that insurance with other financial products,” said Vero’s Head of Commercial Intermediaries, Anthony Pagano.

“These results show brokerages should be looking at the opportunity to partner with life experts or include this as part of their offer, if they are able to deliver this type of advice.”

Pagano said the research showed around 20 per cent of broker clients were wanting broader insurance and financial advice from their broker but weren’t getting it.

Bundling of financial products is also of interest, with almost two in five broker clients saying they would like to hear about opportunities to bundle their business insurance with other insurance and / or financial products. These clients are likely to be younger, female, in newer businesses or with growth plans for their business.

“Brokers should consider presenting these options to deepen their relationships with clients,” said Pagano.

More than 1500 small business owners* were surveyed nationally for the Index. New results, released today, focus on the financial products and services that SMEs may seek beyond business insurance, including personal insurance, life insurance and other financial products.

You can access the index here.