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Businesses’ insurance cover not keeping up with COVID-19 related changes, and other news

Insurance Business Mag spoke to Chris Brophy about businesses’ insurance cover in a post-pandemic world. Vero’s annual SME Insurance Index finds only 10% of small and medium sized enterprises (SMEs) working with brokers have made changes to their insurance, despite 79% of SMEs having made changes to their business.

Chris Brophy, executive manager, business at Vero, said the identification of this gap provides an opportunity for brokers to reach out to their SME customers and provide additional value. While the changes may be temporary for some business owners, for others they reflect a “new normal” where their insurance is no longer providing adequate cover.

Brophy also urged brokers to build trust and strengthen their relationship with SMEs, to see how each clients’ business has been impacted, and then provide advice to best suit their business needs.

With more than 90% of FAPs being SMEs, Russell Hutchinson says advisers should take this opportunity to “review their business cover themselves”.

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