This is an excellent article and paper from FSB highlighting the problems micro and SME UK businesses have in getting the right insurance and advice at the right price and with the right insurer. https://www.fsb.org.uk/resource-report/paying-a-premium.html
We speak to our own micro and SME clients every day and fully understand the problems in both understanding risk, the insurance options and the current insurance marketplace.
Fundamentally, insurance risk assessment, mitigation advice and cover should provide a safety net for companies to allow them to grow and develop their business with confidence.
Buying such legally technical protection with little or no experience, with no legal or no insurance knowledge, is a very risky way to approach placing the legal and financial protection companies need in today’s economically and legally volatile environment.
It is the duty of a professionally qualified broker to provide tailored and relevant advice to their clients on insurance options and placement in support of businesses so they can concentrate on their business.
The UK insurance sector is currently riding in a wave of investment from tech firms that offers a seamless and efficient transactional approach to insurance. But, as insurance professionals, we must be very careful not to miss out on the crucial tailored advice and support our micro and SME clients need before placement.
Having up to date ‘tech’ options is one thing, but brokers should be providing an advice-based service in support of their clients, regardless of the size of the business or premium. Unfortunately, currently, and increasingly, some brokers and direct insurance sellers are more aimed at higher volumes of more transactional business that suits the more informed buyer, especially where their economic models can be restrictive to an advice-based approach for ‘smaller’ clients.
It pays to shop around, but as a micro, SME, or a more fragile start-up business – ensure you find a broker that can offer you the valuable advice and support you need before purchasing your ‘safety-net’ of insurances.
At BJP, regardless of the size of your business or premium, we take the time to understand what you do and how you do it, then we will find the best insurance products at the best prices for you.
See our web page for more details about how BJP offer a superior all-round insurance solution for small businesses: https://bjpinsure.com/about/the-bjp-difference/