Feature
Vero survey shows small businesses are keen for insurance advice following Covid-19 N
ew research released by Vero Insurance this week shows nearly two thirds of New Zealand’s small and medium enterprise owners and decision makers (SMEs) want insurance advice following the Covid-19 crisis. Most wanted advice on how their policy might respond at times like this. SMEs also wanted to know what other types of insurance would benefit their business (18%), and how to defer or adjust insurance premium payments (17%). The survey shows 85% of SMEs have experienced a decline in revenue following Covid-19 with 53% reporting their revenues have shrunk by half or more. Vero Executive General Manager Mark Wilkshire says, “There’s never been a better time for SMEs to use a professional insurance broker to get the right advice and support across a range of topics, including financial support options that might be available to them.” The report shows that 57% of SMEs currently buy their insurance
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through a broker most or all of the time, while only 29% buy all their insurance directly. Mr Wilkshire says Vero’s SME Index is designed to provide brokers with up-to-date insights about small business, enabling them to offer more value to their customers. “We’re in an unprecedented situation and many SMEs are looking for assistance, but a third don’t access the advice and support that a broker could provide,” says Wilkshire. “We’d like to see more SMEs taking advantage of that expertise to help them with decision-making around their business insurance.” Another survey previously released by Vero showed that around 30% of SMEs were considering making changes to their business insurance. Along with insurance advice, Wilkshire says the SME Index also highlights risk advice as a growing area of focus from small businesses. “Covid-19 has changed the risk landscape significantly. 79% of New Zealand businesses report that they are making changes to their businesses
