The average insurer covers less than 50% of its business customers’ needs, a new survey shows.

Market researcher DBM Consultants questioned more than 6500 businesses over the past year for its Business Insurance Tracker.

The results show insurers could sell more to current customers, MD Dhruba Gupta says.

QBE-owned rural specialist Elders is the top-rated insurer for business customer satisfaction, scoring 7.8 out of 10, followed by Wesfarmers Insurance at 7.7.

Elders offers tailored products, excellent customer service and competitive pricing models, “which is leading to its high satisfaction levels with business, particularly in rural and regional areas where the majority of its customers are”, Mr Gupta says.

But companies with high satisfaction ratings could still secure more of their customers’ insurance, he says.

Wesfarmers (71%) and Elders (69%) have the greatest share of business clients’ insurance, followed by Allianz and GIO, both on 50%.

CGU has 47%, Vero 46%, QBE 45%, NRMA Insurance 43%, Lumley 42%, AMP 41% and Zurich 37%.

“On average each business holds 4.6 policies, and in 63% of these cases businesses use a broker to purchase their policy rather than going direct,” Mr Gupta told insuranceNEWS.com.au.

Businesses hold almost 9 million policies, the study shows. Results have been fairly stable over the year and Mr Gupta says he expects to identify trends more clearly as the research continues.