News & Events
Broker Talking Points: Six Reasons Why Small Businesses Still Need Insurance
July 2nd 2020
One of the inevitable consequences of the UK’s ongoing efforts to slow and control the spread of COVID-19 has been the impact on small businesses across the nation. Necessary though they were, social distancing and "lockdown" measures left many struggling to cope with significantly reduced income and rushing to cut costs.
Even now, as the government re-opens large sections of the economy, big challenges remain and, for many small businesses, cost control remains a top priority. Naturally, that leads to questions about insurance - questions like “Is insurance a financial burden that I could do without?” and even “My business is still closed, why do I need insurance?”.
There is a clear knock-on effect for brokers. Clients may be unwilling to renew, more likely to shop around for lower premiums, and new business may be harder to secure. Clearly, however, as many businesses take their first steps to recovery, maintaining business insurance cover is as important as it ever was – so overcoming objections, clearly explaining the need to retain insurance cover, and addressing cost concerns will be vital to brokers’ own recovery.
With that in mind, we have developed six talking points, to help brokers engage with clients and navigate those conversations.