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Role of Insurance Brokers for Underinsurance SMEs in Auckland, North Island

Underinsurance remains a perennial problem for Small Medium Enterprises (SMEs) and it needs to be an area of renewed focus for the insurance market. Only an insurance broker based in Auckland, New Zealand understands that

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Role of Insurance Brokers for Underinsurance SMEs in Auckland, North Island

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  1. Problem of underinsurance Underinsurance remains a perennial problem for Small Medium Enterprises (SMEs) and it needs to be an area of renewed focus for the insurance market. Only an insurance broker based in Auckland, New Zealand understands that. When disaster strikes, businesses rely on their insurance arrangements to respond so they can recover the full amount of the loss. After all, they buy an insurance product for that very purpose. Why then do some business insurance arrangements fall short when it really matters? Read On for your answers.

  2. Craig Graves of Carson Risk Understands That Because, he believes, “Effective communication is especially important in ensuring that SMEs have the right level of insurance protection. Without your insurance broker asking the right questions, as a business of any size you run the risk of been underinsured with little protection for the issues that might affect you most. Whilst there are generic insurance policies that are available to all organisations, it is not until your broker asks the questions pertinent to your business and the risks that you face, can you be fully assured you have received the opportunity to purchase the insurance coverage best suited to your needs.”

  3. Work Closer With You & Your Business Business Interruption is an area where your broker can work closer with you and your business, to ensure the appropriate sums insured and indemnity periods are put in place. Make sure you allow an adequate indemnity period under the business interruption cover. Better to allow for more time to bring you back to the position you were in prior to the loss. Unexpected delays can occur outside your control. Remember it takes time to clear the site, consult with professionals, rebuild and reinstate machinery. If there is a long build period, it will likely take longer to regain market-share and your customer base.

  4. Realise the Intricacies Many SMEs simply do not realise the intricacies of Business Interruption cover and so they struggle to determine the correct sums insured or devote as much time to the issue as needed. Insurance solutions by Carson Risk are the ultimate assistance provider here. Underinsurance is still a problem, and this is especially true in the SME sector. However, with the understanding of the common pitfalls, and talking to a professional insurance broker, it can be solved.  

  5. Articulate the Correct Information Many SMEs simply do not realise the intricacies of Business Interruption cover and so they struggle to determine the correct sums insured or devote as much time to the issue as needed. Craig Graves notes “Most SMEs get little input on Business Interruption from their insurance brokers, who may not articulate the correct information at renewal time either, looking at the historic accounts rather than incorporating forward projections.”  

  6. For more information contact your insurance broker or feel free to contact Craig Graves of Carson Risk (e:craig@carsonrisk.co.nz)  

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