During the pandemic, Australian Small and Medium Enterprises (SMEs) have had to pivot, changing their business and ways of working to remain viable.

Vero’s 2022 SME Insurance Index, released this week, found over half of SMEs renewed insurance without seeking expert advice – potentially leaving themselves open to increased risk.

Despite this, brokers have never been more valuable, with the uncertainty of COVID providing them with an opportunity to showcase their relevance and expertise. This sentiment is reflected in the latest Index, with broker satisfaction at 84% among SMEs, up from 67% in 2018.

Vero’s SME Index, now in its 11th year, surveyed 1500 SMEs to understand the current business climate, insurance purchasing behaviour and perceptions of brokers and the insurance industry.

Vero Head of Commercial Intermediaries Anthony Pagano said the role of brokers is rapidly evolving, but remains highly relevant throughout the business lifecycle.

“Although broker satisfaction levels are at a four-year high, which reinforces the role and advocacy that a broker plays within the current environment, there remains many opportunities for brokers to take advantage of,” he said.

For the first time, insights from 100 larger businesses (200+ employees) have been included to uncover how this group differs from SMEs and how brokers can meet their distinctive needs.

The research found larger businesses are less likely to have reviewed their insurance at their last renewal – a concerning insight given the higher levels of risk facing larger businesses – and more likely to use a mix of channels to buy insurance.