An independent survey of 500 SME business leaders commissioned by Allianz found that the top priorities for SMEs when purchasing business insurance are breadth of cover (75%), claims handling (58%) and reputation of the insurer (47%).
The poll also revealed that 80% of the SME senior decision makers said that they would be prepared to pay more for their insurance if they were advised that their cover was inadequate.
Of the factors considered when purchasing insurance, ‘cheapest price’ was ranked lower with just 31% of respondents claiming it was a priority.
David Martin, Allianz’s director of SME markets, said: “The results of the survey clearly show that when it comes to protecting their businesses, SMEs value breadth of cover over cost. Brokers can be confident that SME’s recognise the need for good advice to ensure their business risks are appropriately understood and managed.”
Steve White, Chief Executive of BIBA, supported the research findings and said: “It is promising that SMEs recognise the importance of cover over price, particularly at a time when loss adjusters have reported under-insurance of around 44%.
“We all want to ensure that claims are paid quickly and in full to help businesses recover and a simple way to ensure this, is to make sure that the correct levels of insurance are in place. It is important for businesses to review their cover regularly and insurance brokers have the expertise and knowledge to advise them on purchasing suitable cover.”
David Martin added: “When brokers are choosing the right carrier for their customer I would hope they see Allianz as a natural choice. We have one of the largest digital product offerings in the market and ensuring we provide breadth of cover is a key priority for us.
“With the continued use of data enrichment to expand our underwriting footprint and with more products coming to QuoteSME in 2018, we’ll be able to cater for an even wider range of trades and occupations.”