Stronger SME cover starts with you
In today’s environment of rising costs, inflation, and evolving risks, even well-structured cover can fall short. Many SMEs may be unknowingly underinsured – and that’s where brokers, supported by QBE, play a vital role.
By working together, we can help clients see the full picture, simplify their cover, and build stronger, more resilient businesses through smart insurance bundling strategies.
Helping businesses stay ahead of risk and avoid underinsurance
Despite the changing risk landscape, recent QBE data shows that many SMEs haven’t reviewed or updated their cover in the past 12 months. As at 31 December 2024:
- Only 11% of businesses increased their building value by more than 10%
- Just 7% increased their stock or contents cover by more than 10%
- 80% didn’t review their business interruption sums insured.1
These insights highlight a timely opportunity for you to add value, by helping your clients reassess their needs and explore more complete protection.
Staying on the front foot of emerging risks
As a broker, you’re not just helping clients protect what they have today – you’re helping them prepare for what’s ahead. In a fast-changing risk landscape, your guidance can make a real difference.
Here are some key areas to explore with SMEs:
- Battery storage and charging: Make sure batteries stored away from flammable materials and fire loads. Clients should consider dedicated charging areas with proper ventilation and fire suppression.
- Fire safety readiness: Confirm the right type and number of fire extinguishers are on site and regularly maintained. Businesses should prioritise fire safety training and regularly review evacuation plans.
- Site security: Talk with your clients about locking bins and storing them away from buildings. Motion-activated lighting, secure fencing, and CCTV can be great options for extra security.
- Machinery and equipment maintenance: Talk through the importance of regular servicing schedules to keep equipment in good working order and help reduce fire risk. Plus, maintenance logs can support risk and claims assessments.
By addressing these risks proactively, you can help your clients build more resilient businesses.
Most SMEs only hold one type of cover
63% of our Business Package policies include only one type of insurance cover.1 This presents a real opportunity to strengthen client protection.
By exploring additional cover options with clients, you can help reduce the risk of underinsurance and build more complete, future-ready solutions.
“Collaborative underwriting is at the heart of our business. Our underwriters are here to work with you to find the right solutions for your clients,” said QBE’s Business Package Product Lead Nathan Taylor.
The power of business insurance packages
Small business owners have plenty on their plates, but managing multiple insurance policies doesn’t have to be one of them. Bundling multiple cover types into a single business insurance package can:
- Reduce admin burden
- Potentially reduce premium costs
- Minimise coverage gaps
- Save time and simplify the claims process when things go wrong.
“Placing six or seven different policies is time consuming and difficult for brokers. So bundling makes things easier – and helps make sure nothing slips through the cracks,” said Mr Taylor.
“It’s also far easier to work with one insurer, particularly when multiple policies may need to respond to a claim.”
QBE’s flexible Business Package insurance options
Our Business Packages are designed to help brokers meet diverse needs. We offer over 5,000 occupation codes, covering a wide range of industries and sectors, and a range of cover options, including:
Situational-based cover:
- Property (buildings, contents, stock)
- Business interruption
- Theft and money
- Glass
- Electronic equipment
- Machinery breakdown.
Australia-wide cover:
- Liability insurance for SMEs
- General property
- Tax audit
- Employee dishonesty
- Statutory liability.
Who are ideal candidates for business bundling?
QBE’s insurance risk appetite is broad, so you’ll find we can serve a wide range of your SME clients, including:
- Commercial property owners with tenants.
Over 47,000 commercial property owners choose QBE for their commercial business insurance.1
- Construction trades (1-3 employees)
- Retail, manufacturing, wholesale sectors
- Transport and property services.
Industry insight: Across the industry, some insurers have been slow to update their business packages property limits in line with inflation.
“We’ve increased our property sum insured limit to $15 million per location, with some caveats around our appetite above $10 million,” said Mr Taylor.
Why more brokers choose QBE for commercial insurance
As brokers, you have choice, and we’re proud so many choose to partner with QBE.
In the 2024 National Insurance Brokers Association (NIBA) Survey, brokers voted QBE the #1 Business Packages insurer.2 Today, we support over 350,000 SMEs, with the majority of those through our broker partners.1 That makes our Business Packages product brokers’ top written product.
Your checklist for smarter bundling and stronger cover
Bundling isn’t just about convenience. It can be a smarter way to protect your clients from underinsurance and evolving risks. These best practice steps can help you deliver more complete, future-ready cover with confidence.
Use this quick checklist to guide your conversations and strengthen every policy you place:
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Review insured sums regularly
- Be sure to factor in inflation, business growth, and changing asset values
- Make sure insured sums reflect current replacement costs.
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Reassess indemnity periods
- Consider recommending longer indemnity periods of 24-36 months where appropriate
- That will help give clients enough time to recover after a major loss.
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Explore additional covers options
- Discuss add-ons like tax audit, transit, cyber, and management liability
- Make sure you tailor cover to evolving risks and business needs.
Related article: Reviewing sums insured – do your customers have adequate cover?
Let’s build stronger cover together
Bundle with confidence knowing your clients are backed by the insurer voted #1 for Business Packages cover.2
Talk to your QBE Broker Manager about our flexible Business Packages cover today.
1 QBE Policies In Force data, as at 30 June 2025
2 2024 NIBA Report, Broker Market Survey, published on 5 December 2024