Business owners continue to switch to buying insurance online rather than through a broker, according to Roy Morgan Research.

While the use of brokers has declined only marginally in the past 18 months, there has been a steady drop in some industries such as construction and professional services, the survey of company owners shows.

However, owners of agricultural businesses still prefer to use an intermediary.

When businesses can treat insurance as a commodity, through online price comparisons, “they are happy to do so”, Roy Morgan Director of Business Research Nigel Smith says.

“Insurance brokers will need to adapt to this changing market reality if they are to remain the dominant source of business and commercial insurance products into the future.”