Dual New Zealand has unveiled Mind the Gap, a product suite that aims to simplify and tailor insurance to SMEs.

It includes general, employers’, statutory and management liabilities (including crime and crisis cover), professional indemnity, defence costs, corporate travel, cyber liability and privacy protection – and requires only one form and one transaction.

After talking with brokers, the specialist underwriting agency found existing products are overly complicated and are not tailored to SME clients.

Dual New Zealand MD Andrew Beaton says while the industry has gone “part way” in developing combined liability products, it has not addressed the “full gambit” of exposures for SMEs.

“We recognised an opportunity to develop a suite of products to address the significant underinsurance exposures for SMEs in New Zealand, where most clients are buying general liability and professional indemnity if required, some purchase employers liability and statutory liability, but less than 10% of businesses purchase management liability, corporate travel or cyber insurance,” Mr Beaton said.