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SMEs want broader service from brokers: Vero

About 61% of SME owners consider it “very important” that brokers provide advice on non-business covers such as personal insurance and other financial products, Vero says.

But 20% of those who want a broader offering are not getting it, according to the fourth and final tranche of the insurer’s SME Insurance Index.

“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,” Vero Head of Commercial Intermediaries Anthony Pagano said.

“When looking to attract new broker clients, brokers should consider having a conversation beyond business insurance to showcase a wider, more diverse and attractive skill set for SMEs. While business insurance is still the brokers’ main focus, having a broader understanding can demonstrate their expertise and a desire to save clients time and money.”

About 40% of owners want to hear about opportunities to bundle business covers with other insurance and financial products.

Some 68% are interested in bundling with personal insurance, and 70% want to tie up with specialised covers relevant to specific commercial activities.

More than 1500 small business owners were surveyed online for the report.

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