In-depth: Looking out for the little guy
Business from the SME sector is a lifeline for many regional brokers and, on the whole, intermediaries do a great job for their clients. However, lack of clarity on underinsurance and reputational risk, along with market-shaking issues such as IPT and Flood Re, can all impact on the local broker. Sam Barrett finds out more
Tackling underinsuranceFailing to take out adequate insurance can have dire consequences for businesses and their brokers, with both parties potentially putting their livelihood on the line. But, although there’s much at stake, underinsurance is alarmingly common in the SME sector.
According to Insurance Age’s Spring Sentiment Survey, more than 85% of brokers have taken on new clients who were underinsured. “We do see instances where a new client has a sum insured that’s too low or they
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