Following findings from the Vero SME Insurance Index, Vero has launched a Contingency Planning Tool for brokers to help their SME clients prepare for issues that could potentially impact their businesses.
This follows a finding in the 2017 Vero SME Insurance Index that suggests many small business owners want to feel they have better control of their businesses. “The Vero Index provides brokers with many key insights into SMEs, one of which is the need to assist them in protecting their business by better understanding key risks,” Vero’s Head of Commercial Intermediaries, Anthony Pagano said.
The tool looks at different scenarios of what could happen; what SMEs can do in response; and what they can do in advance to plan ahead. SMEs will have a wide range of areas to choose from to indicate whether they think they are covered. The tool calculates information on each of these and then offers other areas to consider and how their insurance broker may be able to provide advice.
“We developed the tool to assist brokers in helping their clients prepare for the unexpected, so that brokers can demonstrate the value and service they provide beyond offering business insurance advice,” Pagano said.
“The Index shows that three out of four broker clients want to feel in control of their business and part of being in control is having a solid contingency plan.
“The tool helps brokers to start this conversation with their clients on how they can become better prepared by ensuring that they have the correct plans in place.”