If you own a business that's growing or expanding, any number of things could be on your mind - from financial worries to finding employees to business planning...with a broker. If you don't deal with an insurance broker, we can help to find you one.
One thing that may not be on your mind is insurance. But as your business grows, protecting it can become more complex and there can be real value in getting expert insurance help from a broker or adviser.
Vero has released the first
Vero Small to Medium Sized Business (SME) Insurance Index 2017
, which explores the value that SME customers get from their relationships with brokers and advisers. Through this research, Vero wants to help business owners - who may be buying insurance direct when they first start out - understand how advice could help them protect their business.
The rise of direct insurance
In Australia, the use of brokers by SMEs has been significantly impacted by the rise of online insurance purchasing. Although that has been slower to happen here, it is expected eventually to see a similar trend in New Zealand.
Through the Vero SME Insurance Index, Vero wanted to understand what value customers were getting from their relationships with their brokers and advisers, and help business owners - who may be comfortable buying insurance direct when they first start out - understand how a broker could help them as their business grows more complex.
Right-sizing your insurance
Vero's research shows that there are a couple of different factors that influence whether a small business will use a broker to purchase their insurance, but the main one is the size of the business.
36% of businesses with 0 to five employees are likely to purchase their insurance directly from an insurer or a bank. For small businesses of six to 19 employees, that number drops to 23%.
Vero believes that this is because as your business grows, protecting it becomes more complex.
Make it a decision - not an accident
Everyone - and every business - is different.
You may buy your insurance through a broker from your first day as a sole trader, or you may feel comfortable handling your own insurance even with 10 or 20 employees.
But Vero encourages you to think about whether your insurance needs are changing, and whether you still have the knowledge and time to manage them or whether you'd benefit from the help of a broker or adviser.
Want more information?
Have a look at the different types of Business Insurance cover Vero offers, or if you're ready to speak with someone about your unique needs, get in touch with a broker.