Small businesses are increasingly aware of the value of insuring, but too few are still taking out adequate cover, according to Suncorp Commercial Insurance CEO Anthony Day.

Speaking in Brisbane last week at an expo for 250 Queensland brokers hosted by Suncorp subsidiary Vero, he said recent natural catastrophes give insurers an opportunity to prove their value.

But despite the risks of loss associated with natural catastrophes, too many small businesses still fail to adequately insure.

“While 90% of small business owners think they have adequate insurance, 57% aren’t covered for business interruption to protect their profits if they suffer a major loss,” Mr Day said. “And 15% don’t even have fire or burglary insurance.”

Speaking in a panel session facilitated by insuranceNEWS.com.au Publisher Terry McMullan, he said the “number one fear” of small business owners is how they will be treated when they make a claim.

“It’s ironic that such a fear will continue to exist until they do make a claim and discover just how easy the process is.”

He says while major weather events can be devastating for small businesses, “for insurers, it’s the time when we can demonstrate the real value of our products and services by helping a business get back on its feet”.

The Vero Expo is held in major centres throughout Australia, providing brokers with accredited professional development workshops.