The Benefits of Small Business Insurance Brokers with Department Manager, Jenny Wills
Romero Insurance firmly believe that insurance for SME businesses demands a dedicated broker. Thankfully Romero Insurance are able to offer big benefits for small companies, while negotiating an excellent premium to ensure clients receive the best possible price.
Whether you are a small business owner or finance director, having a specialist broker on hand and available to answer your questions will ensure advanced financial protection and peace of mind.
Jenny Wills, SME Department Manager, discusses why using an insurance broker is essential for small businesses and self-employed operators. She talks about how brokers are able to adapt to benefit a growing company, and what the most pressing issues are for SME business owners.
What is classified 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 £15,000 premium.
However, as an individual’s business has grown, I may remain as their account handler. I still handle £20,000 to £30,000 premium clients within my role as SME department manager. I have fleets worth upto £60,0000. This is because we believe in developing a relationship with our clients and all the benefits associated with knowing their wants and needs.
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 should arrange SME insurance for a business?
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 for the SME businesses to have a dedicated accountant or legal expert who understand the details of insurance, which is why my approach needs to be more appropriate for the knowledge-level of the business owner.
For me, I prefer talking over the phone rather than through email. In this way, I can better understand a person’s business and personality, and ask necessary questions. 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 essential 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 should be aware of what risks are on the horizon for a growing company, and be prepared to adapt their insurance accordingly. Through experience, we know which insurer offers the best solution for each types of small business, and therefore we utilise to best place our clients.
My team are from a range of disciplines, and all have extensive experience on the phone. I tell my team: Understand the client, Understand the risk. My team need to keep checking in on clients to know what areas have progressed or if anything has changed.
A regular 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 including myself. This is a large SME team for a broker, meaning we can provide clients with 1 to 1 service and are always available to talk. The knowledge background is different throughout the team, specialising in certain product and disciplines, but all of us are experts in insurance. We have experience identifying inaccurate sums insured and understand the importance of making sure clients have access to materials and resources. Because of our claims experience, we know how to combat a wide range of potential dangers to SME businesses.
We have a few developing members, including graduates. We also have individuals who have come from private clients insurance and high net worth. They are very personable and understand household risks and the devastating impact of injury or theft upon the individual.
It is important for my team 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; new developments internal to the business can cause increased risk; the economy and cost of living can require increased limits.
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 dedicated broker is the best way to learn if your business is underinsured.
To arrange a free Confidential Review – see here.
The most common questions I receive, apart from those about premiums, are about different insurance types: Cyber Insurance, Directors & Officers, Professional Indemnity for example. We treat each client on a case by case basis and will determine the necessity of insurance covers. Often SMEs overlook certain risk areas, which can be very dangerous. For more information, consider reading 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. Having a dedicated broker is essential for negotiating the market and receiving the best insurance terms.
A good deal, involving premiums and policy limits, requires time and negotiation. Time is what 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 our clients.
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. We are supported by our award winning claims team who handle all our claims and will give your case special attention.
What’s your background in insurance?
So my job title is SME and High Net Worth Department Manager. I’ve come from a large corporate broker and in 2023 moved to Romero Insurance. I’ve been officially in the role of department head since 2025. My responsibilities include leading our SME team, and providing my experience and knowledge to colleagues, while also managing my own book of long term clients.
I’ve always worked and manged SME accounts and the insurance of self-employed individuals. Because of the joint high-net worth and SME department, I’ll sometimes manage a client’s business insurance and also their personal, home and car insurance separately.
How did you start your journey in insurance?
Before insurance I worked as a B2B Manager at a telemarketing company in Wetherby, working with schools and educational hubs. I managed upto 10 people with a strong background of discussing information over the phone. And I ultimately fell into insurance by transitioning to working for a large corporate insurance company. They were recruiting and need people who were good on the phone. After an intense few months of training on the system, I shadowed a senior team member, and completed my insurance certifications.
I then moved to Romero Insurance to be a part of the SME and high-net worth set up. The team is fantastic and I’m happy to be guiding them as the SME and high-net worth department manager.
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. I am available over the phone, where I am able to explain specific policy types and their purposes, 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 Jenny directly to get started on 01423 803455
