Beyond price: helping SME clients understand motor insurance
In today’s environment, many SME clients are carefully reviewing business costs, and insurance is no exception. While premium is naturally an important consideration, brokers have an opportunity to help clients look beyond price and the broader value a motor insurance policy can provide.
For businesses that rely on vehicles to serve customers, transport goods or keep operations running, the impact of an accident, theft or unexpected damage can extend well beyond the cost of repairs. The right cover can help play an important role in supporting business continuity and may even help clients get back on the road sooner. QBE’s Commercial Motor insurance can provide cover for a single business vehicle to larger fleets, with options for cars, utes, vans, trucks and specialised vehicles.
Moving the conversation beyond premium
When discussing commercial motor insurance, brokers are increasingly encouraging clients to assess the overall insurance coverage a policy provides, rather than simply comparing premiums.
Questions worth exploring with the customer may include:
- How would a vehicle being off the road affect the business?
- What costs could arise beyond vehicle repairs?
- How quickly could operations recover following an incident?
- Does the policy provide benefits that support business continuity?
These discussions can help clients better understand the potential financial and operational impacts of a loss and the role insurance may be able to help play in managing those risks.
Understanding what matters to SME clients
Every business uses its vehicles differently.
A tradesperson may depend on a single ute to generate income. A courier business may rely on multiple vehicles operating daily. A regional business may face unique logistical challenges if a vehicle becomes unavailable.
As a result, clients often value insurance solutions that can be tailored to their operations and risk profile.
QBE’s Commercial Motor insurance offers comprehensive, third party, and third party fire and theft cover, with the ability to tailor policies through a range of additional features and benefits, such as downtime. Depending on the type of policy and level of cover chosen, there may be other features and benefits which include protection for: towing costs, redelivery expenses and theft recovery costs. Make sure to read the PDS and or Policy Wording and the terms and conditions, limits and exclusions that apply and vary from policy to policy.
Helping clients assess coverage, not just cost
The true test of a policy often comes when a claim occurs.
By taking a broader view of a client’s needs, brokers can help their clients with discussions that encourage them to consider factors such as:
- The breadth of cover available
- Policy benefits alongside any policy limits and exclusions
- Business interruption and operational impacts
- Suitability for the client’s vehicle mix and business activities.
For many SMEs, confidence in their coverage can be just as an important consideration as the premium itself.
Creating stronger client conversations
Commercial motor insurance presents an opportunity for brokers to move beyond transactional discussions and engage clients in meaningful conversations about risk.
By understanding how vehicles contribute to daily operations, brokers can identify exposures that may not be immediately apparent so that their clients can select the cover that aligns with their business needs.
In doing so, brokers can reinforce their value as trusted advisers while helping clients make more informed insurance decisions.
Supporting SME clients with confidence
As economic pressures continue, helping clients balance cost considerations with appropriate protection remains an important part of the broker’s role.
By focusing on the cover, benefits and support available when they are needed most, brokers can help clients see the value of motor insurance beyond the headline premium and make decisions with greater confidence.
Looking for a commercial motor solution tailored to your clients’ needs?
Speak with our new SME Growth team, who specialise in commercial motor insurance, to learn how it can support businesses ranging from sole operators to larger fleets. Eligibility criteria, terms, conditions, limits and exclusions apply.