ADVERTORIAL
Finding nice things in small business packages Time is money, as every small business – and their broker – knows. Welladvised and tailored insurance not only relieves the direct cost of an incident, it also mitigates the compound effect of loss of income. As false economies go, being underinsured has to take the prize at the top of the list. Australian customer claims data from Zurich lays this bare, revealing theft and burglary as the most frequent claim made by SMEs on Business Insurance, with an average claim value of $5,329, followed by faulty products and workmanship at a chunkier $21,731. Rounding out the top five reasons SMEs make a claim on their business insurance are impact ($6,339), water damage ($11,209), and storm damage ($21,629). Further underscoring the precarious position SMEs face without adequate insurance cover, Zurich Australia’s highest small business payouts are for fire damage, sitting at the six-figure average of $112,114. Close behind are sprinkler leakage ($100,225) and flood damage ($81,534). Crucially, underinsurance or no insurance is not only about the direct cost to the business for repair or replacement but also for the potential loss of income if operations are disrupted. This makes a fast and easy claims notification process vital. In addition, swift settlements not only make a broker’s life easier, they enhance relationships and reputation with clients.
Zurich’s Sydney-based Head of SME Theo Pitsikas says “….it is key that SMEs ascertain how their business will respond and cope if a material part of their operation is impacted by an event and becomes inoperable. Brokers need to ask the right questions and be able to guide SMEs along the insurance journey…” His team regularly works with broker cluster groups and Internationals to review Zurich’s policy coverage and claims, investigating claims that are not covered, and whether policy terms can be amended so losses are met by the policy in future. Receiving the message loud and clear that time is money, Zurich’s automated Z.stream online system is designed to enable brokers to easily and quickly place business cover for SMEs such as trades, retailers, carriers and office-based professionals. The broad SME package includes cover for property, liability, motor and business travel, as well as automatic flood cover for most risks. A broker can receive an SME quote in minutes, and the platform is supported by prompt phone service and underwriting support. Brokers with a referral for more complex risks can call Zurich’s dedicated SME underwriting team, which Mr Pitsikas says has “fantastic” telephone response times. Zurich Head of GI Claims, James Dimitriou says feedback has been “overwhelmingly positive” to Zurich’s Priority Settlement
Service, available for property claims under $30,000 which are straightforward and have ready to lodge claim documentation. Some customers have received payment in under an hour! “Provide us with all the required information and we will deposit the funds directly into the specified bank account within 24-48 hours.” Available to all SMEs, Mr Dimitriou says it provides a simple and speedy option for straightforward claims, usually carried out as “one touch”, which fast tracks settlements and provides SME customers an easy way to lodge claims and have them settled quickly. For four years now, Zurich has also run its Priority Repair Service, borne from a customer need to have access to a nationwide network repairer able to provide quality motor vehicle repairs with a fast turn-around time. The service, for sedans and light commercial vehicles, has cars back on the road in an average of five days. “This program offers Zurich customers a simplified approach to motor claims, eliminating the mundane task of obtaining quotes and waiting for assessments,” Mr Dimitriou said. “Our customers value the ease of process, especially the simplicity of car hire and the quick turnaround of quality repairs. Where our brokers can send through all required documentation at lodgement time, we can make quick and transparent decisions on claim settlement and have our customers’ cars back on the road in no time!”
