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Vero SME Insurance
Index 2017

The small to medium sized business (SME) sector is a significant growth engine for the New Zealand economy and a major audience for the insurance industry.

This is why Vero has developed the Vero SME Insurance Index. The research is designed to identify insights and shed light on the opportunities and challenges presented by SMEs to brokers and advisers.

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About the Vero SME Insurance Index

Over 1,000 SMEs across New Zealand have voiced their opinion in the Vero SME Insurance Index this year. The findings show several areas where brokers and advisers can target their offering to add value for SME customers. Vero will work with our business partners in using this research to identify opportunities to target their offerings and provide the right kind of value to customers.

For this research, a SME has been defined as per Statistics New Zealand - a business that employs between 1 and 19 people (including sole traders). The survey has been run in Australia for the last five years, but this is the first time it has run in New Zealand.

Get to know the SMEs

Importance of a broker & adviser relationship

Business concerns of SMEs

The highlights

  • The larger the SME, the more likely they will use a broker or adviser to buy insurance
  • The single biggest benefit for SMEs using a broker or adviser is saving time so they can focus on their business
  • The type of relationship a SME has with their broker or adviser impacts satisfaction—three relationship types were identified: partnership, delegated & distant
  • Stay in contact! The frequency of getting in touch with SMEs impact satisfaction with their broker or adviser.
  • Based on their claimed coverage, it would appear that many SMEs do not think that they are covered for the business risks they are most concerned about

Insurance policies made for SMEs

Tradies Insurance

An insurance package built for tradies. It covers your tools, stock, vehicles, business interruption, legal liability and more.

Keep reading: when it comes to success, is bigger really best? 

A survey commissioned by Suncorp New Zealand reveals that Kiwi businesses value work life balance as much as growing their business, challenging the theory that bigger is best.

Find out more