General insurer Berkeley Alexander, through the use of a dedicated website, is now offering advisers the ability to distribute a broad range of business liability insurance products to their clients. IFAs can do so through accessing an immediately available range of quotes online from a panel of professional indemnity insurance providers such as Towergate Underwriting, RSA, Zurich, and Aviva.
Geoff Hall, managing director for Berkeley Alexander, stated that commissions of more than £10 billion are generated annually by the approximate £60 billion paid in commercial insurance premiums by SME businesses in the UK every year, according to DataMonitor. As these SMEs are, due to economic pressures, looking very carefully at all of their outgoings, Mr Hall said that the potential for IFAs to tap into this highly lucrative market has never been higher.
Mortgage brokers and IFAs are in a perfect position to break into this market, the managing director said. This is because a high percentage of small business owners are among those that are in search of financial advice from this particular business sector.
There has been no way for advisers to tap into the commercial insurance needs of their clients quickly and easily before now, said Mr Hall. However IFAs can now secure themselves a lucrative place inside the chain of distribution through Berkeley Alexander’s offer of support to selected advisers in their development of a substantial commercial insurance book with many of their clients in need.