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.

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