Gallagher inks deal to provide more insurance services to SMEs

Broker Gallagher has teamed up with independent protection advice specialist LifeSearch to deliver additional insurance products and services to micro-SME businesses.

The deal will see Gallagher offer commercial insurance products, such as directors’ and officers’ insurance, professional indemnity, cyber insurance and public liability coverage, to LifeSearch’s SME clients and individual business owners.

In turn, LifeSearch will provide Gallagher’s micro-SME clients with protection insurance advice and products, including life insurance, critical illness cover, mortgage protection and income protection.

Natasha Barrow, head of affinities at Gallagher, said: “This partnership is great news for Gallagher and LifeSearch’s SME clients who will now have access to two networks of risk professionals that can arrange the insurance that suits their needs, be it commercial insurance, income protection or life insurance.

“This partnership will mean that SMEs have direct access to the products that appropriately suit their individual circumstances and we are looking forward to supporting LifeSearch’s clients with their commercial insurance needs so that they can mitigate the risks they face and minimise potential business disruption as a result of an event.”

Underinsurance

The deal comes after figures from Aviva’s Broker Barometer, which was published on 18 April 2024, revealed that underinsurance was second on a list of market challenges brokers were concerned about, only behind insurer service.

”It is therefore crucial that SMEs have adequate insurance in place to avoid potential financial loss,” Gallagher said.

Gallagher’s services will be delivered by its specialist SME team, which currently supports over 120,000 businesses across the UK.

Ed Axon, chief growth officer at LifeSearch, said: “By utilising our experience and insight to offer enhanced personalised journeys and experience, and leveraging our PoweredBy hybrid digital and human support and Gallagher’s rich insurance knowledge, we are confident that joining forces to forge this new strategic partnership will help both businesses achieve their bold ambitions.”