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More larger businesses with simple insurance needs are using BizCover for their insurance, while smaller businesses benefit from steady prices yet again this quarter.
The BizCover SME Insurance Price Index (Q2FY20) has seen a 1% increase in price levels overall (since Q1FY20) which can be attributed to the increased number of larger businesses with higher premiums using the platform. Bigger businesses are now moving to BizCover to quickly and easily get cover due to an increase in insurance carrier appetite on the BizCover platform. While smaller businesses with less revenue have benefited from stable, competitive prices overall.
The BizCover SME Insurance Index is comprised of three industry groups, Professionals, Trades & Services and Retail & Hospitality. Whilst all three groups have experienced no increases in the overall price of their insurance, there have been changes within product groups and industries. The Full Report can be viewed here: SME Insurance Price Index
Only the Retail industry saw an overall increase, with the price of business insurance for retailers increasing by 2% on the prior quarter, after a period of decline that began 12 months ago. The increase can be attributed to more demand for Business Contents insurance particularly from businesses with an annual turnover greater than $400,000.
Cover for contents in the Trades sector saw a big increase of 21% relative to last quarter, though the overall price of insurance within this sector remained steady due to the decrease in cost for Portable Equipment and relatively small demand for Business Contents cover within the Trades sector. To find out more about insurance options through BizCover, click here.
Michael Gottlieb, Co-Founder and CEO of BizCover, invites larger businesses who have traditionally gone through a broker to try the BizCover platform.
“While we can quickly and easily service the needs of startups and smaller businesses on the platform, in the last quarter we have seen a steady increase in the number of bigger businesses who are making the switch to BizCover and are able to self-serve to obtain highly competitive pricing and fast, efficient cover within minutes.
We recently had a comment from a manufacturing business with 7 employees and over 1.5M in turnover. The business owner was able to quote and buy online without agent assistance. His feedback says it all, “Really easy to use. Our usual insurer wanted a week to quote. With you blokes I had it sorted immediately. Well done!”
Download the full report here.