In-depth: SME

Tradesman insurance makes up a large part of the SME market. Plumbers, builders and electricians, among others, do complicated jobs which require various types of cover and their needs evolve over time.

According to Axa research, there is an issue with underinsurance and just 74% of tradesmen (who took part in the Axa survey) have business insurance - this falls to 54% for those just starting their business. The insurer's investigations also found that 33% of sole traders do not have business insurance so there is room for brokers to grow in this area.

Insurance Age's In-depth sheds light on the various opportunities available to brokers in the SME space.