Small business owners shouldn’t need to be insurance experts he recent FT article from Capital Risk Partners’ Luke Johnson was a timely reminder of the vital role that insurance plays in the life of businesses of every size.
Mr Johnson is right to encourage chief executives and business owners to develop a working knowledge of the insurance industry – but, as desirable as this might be, for many overworked entrepreneurs it is simply impractical.
As the UK’s favourite small business insurance broker, we want to change the way insurance works for SMEs. As Mr Johnson says, it is important to check the detail of any insurance policy – but we want to ensure that small firms don’t get bogged down. Instead, we want to see an industry that gives business owners all of the information they need in a simple, comprehensible manner, cutting out unnecessary bumph while giving policyholders all the details they need in order to make an informed decision.
Small business owners are not insurance experts, and nor should they need to be. As part of our new insurance Manifesto, we are pledging that all of our policy documents will be read through by a ‘non-insurance’ person. If they tell us something doesn’t make sense, we’ll change it.
Insurance is a vital consideration for all business owners – but we want to lead a change in the industry that means entrepreneurs can get the cover they need without the fuss associated with the stuffy, traditional world of conservative underwriters that Mr Johnson quite rightly talks about. We want to see an end to that world. We want to make insurance simple, and we want the rest of the industry to follow suit.