AXA’s tweaked management liability product hits key SME Brexit concerns and needs with topical Brexit cover and a free legal advice add-on.
Brexit has dominated the news in 2018 and uncertainty remains over whether a deal of any sort will be reached by the March 2019 deadline. It is therefore sensible for insurers to react and help provide businesses with some peace of mind as the ambiguity continues. AXA’s updated policy includes D&O and company legal liability cover and comes with free access to legal advice for claims resulting directly from Brexit.
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GlobalData’s 2018 UK SME Insurance Survey found that Brexit remains the largest concern for small businesses in 2018. Over a third of respondents (36.8%) stated they were either concerned or very concerned about it. This indicates there is a sizeable market for the inclusion of this cover in the short term.
Furthermore, our UK SME Insurance: Distribution Dynamics 2018 report found that access to free legal advice was both the most received and yet still the third most wanted add-on SMEs can receive from insurance policies. Overall, 40.4% of SMEs said they already received legal add-ons, while a further 28.0% said they do not currently, but would like to.
GlobalData’s findings indicate that AXA’s policy ticks two key boxes in appealing to SMEs: it addresses their greatest concern in Brexit, and provides a valued add-on in legal advice.
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