By: Luke Jones, Published on November 4, 2017 04:32 PM, Last Update on November 30, 2017 01:33 PM
Despite being a fundamental part of the Canadian economy, small businesses are being pushed away from insurance. Northbridge Insurance says around 50% of small business owners do not purchase coverage due to pricing concerns and the chance of misunderstanding other insurance options.
“We’ve spent the last several years connecting with small business owners and found that many of them don’t bother with business insurance at all,” said Ilda Dinis, senior vice president, customer innovation & experience at Northbridge Insurance.
“According to a recent survey, about half don’t have insurance because they think it’s too expensive, or if they’re running a home-based business, they think they’re covered under their homeowner policies. There’s a huge opportunity for brokers to educate small business owners not only on the right coverages, but on the importance of having those coverages in the first place.”
Northbridge believes brokers can make life easier for small business owners. For example, not forcing a face-to-face meeting because owners typically wear many hats while running a small business and may not have the time. Northbridge is a long-time commercial insurer that has huge experience in covering small business customers with a dedicated small business network.
“It’s important that we help support our broker partners throughout their entire journey with their customers,” Dinis told Insurance Business. “Beyond the advice they can offer on coverage, we help our brokers connect their customers with loss prevention tools, and help keep them informed on industry and regulatory changes.
“A single claim could shut down a small business, so there’s an opportunity for brokers to point them to resources like Northbridge Insurance’s Risk Management Assist service to help guide their risk mitigation efforts, and prevent expensive claims before they happen.”