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Tower Insurance eyes up small business

Tower Insurance has filled the gap in its services, and has moved into business insurance with a new policy offered directly to the public.

Monday, May 25th 2009, 9:03PM

by Paul McBeth

The Tower Tailored Business Policy will offer specialised cover for business assets, liability, and business interruption, while its Tower Motor Vehicle Policy-Tailored Protection will provide coverage for commercial vehicles. The policy is aimed at companies with nine to 20 staff, which make up around 90% of the business community in New Zealand.

Our competitors "all have products, but they're not really targeted to small business," said head of products and marketing Mike Clapp. "That's where we're targeting our offer" because there are a lot of opportunities in that part of the market.

Clapp said their competitors in the business insurance market have tended to focus on big business, and their policies often require a degree of literacy that small business-owners often don't have.

Tower's policy is offered directly to customers at present, but they may consider using brokering services in the future, he said.

The new policy has been available for a couple of weeks, and Clapp said the uptake has been pretty good so far.

Paul is a staff writer for Good Returns based in Wellington.

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