New research into the UK SME commercial insurance market has found a widespread gap in SME commercial insurance cover.
According to DVL Smith and Evolution research, 42% of SMEs know they are underinsured and more than 70% felt that at least one extra policy would help their business. Another 18% of SMEs do not believe they have employers' liability cover, despite it being a legal requirement.
Many SMEs said they stopped short of buying extra policies because of price, lack of time and confusion over cover and products.
The study also showed ignorance of providers, as 25% of SMEs could not name one insurance provider. The research showed that only a third of SMEs are shopping around for other quotes.
DVL Smith director Jen Del Carlo said: “SME commercial insurance providers seem to be missing an opportunity to really understand their target customers, and thus we see a gap in terms of current and potential coverage.”
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