Insurance for Small Businesses with Romero Insurance Brokers’ SME Department Manager
Romero Insurance firmly believes that SME businesses deserve a dedicated broker. We are able to offer a wide range of benefits and negotiate excellent premiums on behalf of our clients.
We discuss with Ed de Bussy, SME Department Manager, why using an insurance broker is essential for SME businesses. He talks about the benefits a broker affords a growing company, and what the most pressing issues are for SME business owners.
What classifies as an SME business?
At Romero Insurance we don’t have a strict rule on what we deem as SME, however a rough guideline is business with less than a £5 million turnover, and anything under a £10,000 premium. However, as their businesses have grown, I still handle £20,000 to £30,000 premium clients within my role as SME department manager. This is because we believe in developing a relationship with our clients and all the benefits associated with that.
Businesses we deem as SME range from shops and salons, tradesmen, merchants, vehicle business, property businesses to rental businesses. SMEs tend to be independently owned with fewer than 100 employees.
Who arranges the SME insurance?
For SME businesses, I normally discuss insurance directly with the individual who is running the business which would generally be the owner or managing director. It is unusual that the SME businesses have a dedicated accountant or legal expert who handles the insurance which is why the approach and guidance needs to be more appropriate.
For me, it’s the phone over an email every time. I need to be able to speak to the person, helping me better understand their demands and needs and whereas in the past, large corporate clients would receive visitations, this is not possible for multiple SME businesses – therefore the onus is on my team to ask the right questions, get the information we need to make the right decision, and be sure the client receives all the necessary insurance policies.
How does Romero Insurance benefit a growing client?
For a business to be fully confident they can grow and expand, they need to trust in their insurance broker and be assured they have a suitable insurance policy in place. A broker needs to be probing the client, asking the right questions, in order to gauge what risks are on the horizon for a growing company.
I tell my team: Understand the risk, understand the client. Brokers need to keep checking in on clients to know what areas have progressed or if anything has changed. A review includes: rebuilds, new equipment and tools, what’s insured, property buildings, the value of the sums insured, material costs, inflation. We also talk to the client about their plans for the future, and the various ways in which we can assist their growth.
To learn more about Growing with Romero Insurance – see here.
How many people are in the SME team at Romero Insurance?
There are five of us in the team that I lead – which is quite a large size for a broker and means we can provide clients with 1 to 1 service. We are experts in insurance and have experience identifying inaccurate sums insured. We understand the importance of making sure clients have access to materials, and we know how to combat a wide range of potential dangers to SME businesses.
It is important to remember that SME business owners are very knowledgeable and self-sufficient but are also very busy. We don’t want to be interrupting their work processes; we want to work alongside them and provide the best results.
What are the most pressing insurance issues for SME businesses?
Absolutely the most pressing issue for SMEs is underinsurance. Policies can quickly become outdated, or new developments internal to the business can cause increased risk. Insurance constantly needs to be updated to ensure the sums insured can cover the cost of a claim, rebuild or any legal fees. A confidential review from a broker is the best way to learn if your business is underinsured.
For a Confidential Review – see here.
The most common questions I receive, apart from those about premiums, is about different insurance types; including Cyber Insurance, Directors & Officers, and Professional Indemnity. We treat each client on a case by case basis and determine the usefulness and necessity of insurance covers.
Often SMEs overlook certain risk areas, which can be very dangerous. Consider learning more about how the current market is affecting SME insurance.
Why is an insurance broker essential for an SME?
It is incredibly unlikely that a SME business owner will receive the best insurance deal without the help of a broker. Even a good deal requires time and negotiating, time which SME owners often don’t have, or can’t afford to spend, therefore a dedicated broker takes on this responsibility as well as providing excellent benefits to their client.
Our mission statement at Romero Insurance is to treat customers exceptionally. My team always puts the customer first; it’s the quality of service which differentiates Romero Insurance from the rest. Our technical knowledge base is second-to-none. We are supported by our award winning claims team who handle all our claims and will give your case special attention.
Having a dedicated broker is essential for negotiating the market and receiving the best insurance terms. A broker with experience and knows the requirements specific to your industry. Enquire to begin a conversation with us today.
What’s your background in insurance?
So my job title is SME department manager. I’ve been officially in the role since April 2024. My role involves leading our SME team, and providing my experience and knowledge to clients over the phone.
Previously I was an Account Executive at Romero Insurance, which involves visiting our corporate and commercial clients.
How did you start your journey in insurance?
I started insurance because my friend’s Dad was the Operations Manager at Marshall Wooldridge. It was the year I finished my degree at University in media and business management, and went travelling to Australia. The world then turned upside down – meaning to say, the 2009 recession hit.
When Ray Geary called me, I had just returned to my job in customer services at the Royal Bank of Scotland in Harrogate. He gave me an opportunity to start a career in insurance, but firstly within the telesales and marketing team at Marshall Wooldridge. And so began the climb. There’s a lot of transferable skills between the different departments in an insurance broker and so I’ve managed to excel until 2017 when I came to Romero Insurance.
Where should people go to learn more about SME insurance, policy types and risk management?
The best way for a client to learn and understand their risk is to talk directly to their broker. Over the phone I am able to explain the policy types and their purposes, as well as why a small business would require that specific cover, such as Professional Indemnity or Directors & Officers cover.
I find claims examples are the best way to get the message across, it illustrates the dangers of underinsurance and the full financial impact of a claim. Because of our experience, we’ve seen situations which repeat, and business owners can quickly learn how to avoid these situations by seeing real examples.
Contact Ed directly to get started on 01423 803464
