One-third of New Zealand's SMEs mull insurance changes

One in five is looking to increase its cover.

One in three SMEs in New Zealand is mulling about changing their business insurance, according to a survey by Vero Insurance.

In light of the pandemic, 20% are looking to increase their cover and 10% are thinking about lowering their cover. Seven in 10 (71%) said they had taken a revenue hit post-COVID, said Vero executive general manager for customer experience, Mark Wilkshire, with 39% of business owners admitting that their households are now struggling to make ends meet.

Vero has implemented comprehensive support options for SMEs, including Suncorp’s $2m hardship fund for embattled Vero and Asteron Life clients, but Wilkshire is worried that some customers may not be connecting with that support.

Other support options include payment assistance for policy renewals, flexible payment terms and adjusting excesses on business insurance policies.

Photo courtesy of Wikimedia Commons

Also Read

FWD Philippines targets gamer insurance gaps

Korean construction insurer maintains strong capital

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit