Major insurer Vero has launched a free, online risk analysis tool designed to help broker customers identify their business risks and gaps in their insurance coverage.

Vero’s Risk Gap Calculator is an online questionnaire and interactive tool that can be used brokers to help their customers understand the level of insurance coverage they need in order to protect their businesses.

The Risk Gap Calculator has been developed following the release of Vero 2016 SME Insurance Index, which identified the biggest concerns of SME owners among other findings.

The index revealed that 32 per cent of SME owners were very concerned about being unable to trade, and 31 per cent feared the consequences of their equipment and machinery breaking down. It was also found, however, that 80 per cent of SME owners do not believe they have business interruption or machinery/equipment breakdown cover to ease said concerns.

In a statement, Vero said these figures clearly show a knowledge gap about business risk and insurance in the SME market.

Customers who access Vero’s Risk Gap Calculator will be presented with simple questions that ask about their business concerns and existing insurance cover, and will then be informed of potential gaps in their coverage.

Using the tool, brokers can begin to converse with existing and prospective SME customers about risk exposures and help close the knowledge gap, Vero said.

The Risk Gap Calculator can be accessed through the VeroCentral website. 

This latest initiative by Vero follows the July launch of the online Broker Tutorial tool, which was designed to help brokers train and educate their staff on SME needs and behaviours.


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