If you’re a busy SME decision-maker and it feels like there just aren’t enough hours in your day, you’re not alone. When we spoke to SMEs across New Zealand for the Vero 2019 SME Insurance Index, one of the major challenges SMEs told us they faced was managing time.
Yet an area many SMEs could make significant time savings in is the way they manage insurance tasks.
There are a lot of great reasons to work with a broker when it comes to your business insurance.
Recently we spoke with more than 900 small-to-medium businesses for the 2019 Vero SME Insurance Index. During these conversations, nearly a third of SMEs that don’t work with brokers told us they simply hadn’t thought about managing their insurance that way.So, what do business decision-makers who do use a broker find valuable?
Here are the five big benefits of working with a broker, according to SMEs.
Public liability insurance covers your business when you are liable for damage to someone else’s property, injury to someone else, or another party incurs losses in connection to work that you’ve done or products that you’ve supplied.
For many businesses in New Zealand, public liability insurance is mandatory through the supply, service or lease contracts you accept. However, even if your business isn’t compelled to take out public liability insurance, it’s an important way to mitigate risk in your business.
Whether you’re running a new start up or an established company, you’ve worked hard to establish your business. Imagine what would happen to that business if it were forced to close because of damage by a natural disaster.
Could you rely on the bank to be understanding and defer your loan repayments for a few months? Would your suppliers cancel their invoices until you can get back on your feet?
While you trust that your employees are careful drivers, you can’t necessarily assume that everyone else on the road is just as careful. And, with the rate of vehicle crashes the highest New Zealand has seen in 16 years, it could be a matter of luck that none of your company cars has been damaged in an accident yet.
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