Vero research shows businesses recognise broker value

An insurance broker is an independent professional adviser who provides advice and guidance to clients to meet their insurance needs. Here are just some of the ways insurance brokers work on behalf of their clients: 

• Apply their local knowledge and insurance expertise to recommend suitable insurance policies based on the information received. A broker will consider essential elements when recommending your insurance cover (such as your operating model and assets), as well as risk mitigation strategies.  
  
  
• Negotiate with different insurers on your behalf to obtain appropriate policy terms.
  
  
• Conduct a comprehensive review of your insurance cover to reflect any changes in your situation and in the market (such as property sum insured value).   
  
  
• When you need to make a claim, your broker will arrange for claim experts to assist you and review settlement offers from insurers to ensure the best outcome achievable.

Insurance affordability is an issue for many businesses. With continued high inflation and the economic downturn, it’s no surprise to read that price sensitivity has heightened over the past couple of years.

Businesses are not just examining the cost of insurance but also the extent of their coverage. Vero’s research found that 41% of all businesses surveyed reported making insurance changes in 2023*. The most common being reduced coverage, presumably to help reduce premiums and therefore take pressure off expenses.  

If a business wants to make changes and/or reductions to their insurance coverage, working with an insurance broker is vital to help ensure that these decisions are well-informed, considering the potential impact to their risk exposure. Underestimating your potential losses and risks can mean you're out-of-pocket in the event of an insurable incident (such as a natural disaster, fire or theft).

An insurance broker can help you strike the right balance between coverage, cost considerations and prudent risk management, enabling your business to navigate economic uncertainties with confidence.

No two businesses are the same, and that means their insurance needs aren't the same either. Businesses need tailored insurance solutions and this is where an insurance broker acts as a trusted advisor to provide personal service and quality advice about your insurance needs.

Vero’s research found that broker’s involvement in the renewal process leads to improved client satisfaction. Clients gain greater confidence in their cover and are more likely to consider important factors affecting their risks. This suggests that businesses are better prepared for risks when an insurance broker is involved.