SME owners with long-term ambitions to build their businesses present a key opportunity for brokers, according to a Vero survey.

The second tranche of results from this year’s SME Insurance Index focuses on business-owners’ motivations, with respondents asked to name their main reasons for being in business.

About 18% are classified as “business builders”, who want to achieve a long-term goal such as creating a business empire, leaving a legacy or creating saleable assets.

These respondents tend to be younger, have the highest average revenue and demonstrate a degree of forward planning.

But the survey results, released today, show only 27% of business builders exclusively use a broker.

“These business builders appear to be the most attractive target for brokers,” Vero Head of Commercial Intermediaries Anthony Pagano says. “Their size and ambition suggests they may be more likely to place importance on protecting their business and seek expert insurance advice.”

About 45% of respondents, including many at the micro end of the size range, are in business for the flexibility, while 19% say it offers an alternative to full-time employment.

People pursuing a passion represent about 18% of the total and tend to operate younger, higher-revenue businesses.

More than 1500 small business owners nationwide were surveyed.

See ANALYSIS.