The Broker’s commitment signals continued resilience of Northern Ireland’s SME community
Hughes Insurance will invest £2 million over the next five years into its commercial insurance offering to ensure it can continue to support Northern Ireland’s growing SME community, as the business environment continues to present challenges. The investment will provide insurance solutions for business owners in key sectors such as construction, wholesale and retail, and agriculture.
SMEs across Northern Ireland have experienced double the turnover of large enterprises since 2016. Furthermore, in comparison to the rest of the UK, local SMEs have performed better through the pandemic, according to research carried out on the impact of Covid-19 and SMEs from Queen’s University Belfast.
Safeguarding the performance of the SME community is crucial to Northern Ireland’s continued economic growth, as Bernie McHugh Sonner, Director of Operations and Customer Services at Hughes Insurance explained.
She said, “SMEs are the backbone of Northern Ireland’s economy employing around 80 per cent of the local workforce. It’s crucial this sector remains adequately supported and protected, particularly as the business landscape becomes increasingly unpredictable and presents greater risk with the emergence of cyber-attacks and business interruption due to global events. Constant monitoring of changes in our customer needs is vital so as a result we have assessed our offering, implemented relevant modifications to processes and made substantial investments to provide solutions that will support SMEs to thrive in today’s climate. We have also invested in expanding our commercial team and in continuous development and product training to ensure that customers are getting the expert, tailored advice that they require.”
Hughes Insurance made the decision to invest in its commercial offering following months of market research. It identified that the UK’s commercial insurance market has grown by 7 per cent annually since 2017, due primarily to growth in commercial property protection.
Hughes Insurance has been a major insurance broker in Northern Ireland for over 45 years with the business expanding to include home, car, commercial vehicle, travel, and business insurance. Through continued innovation, its grown to employ over 250 staff and in 2021 announced its digitalisation, shifting to fully remote operations whilst retaining all employees. The decision also supported its commitment to well-being and prioritisation of work-life balance.
Bernie continued, “We employ more than 250 people across the province so continued innovation and strategic direction is vital when it comes to the continued success and growth of our business. Our people will always be our first priority, and their wellbeing remains central to our strategic decision-making. We carefully assessed the market and identified potential areas for strategic growth before committing to SMEs as an area of focus.”
Along with investing in its services, Hughes Insurance has also invested in its ESG strategy and launched its Action for Impact initiative earlier this year to embody its core values – Act Responsibly, Put People First and Make Things Better. Over £100,000 has been committed to charities including Ulster Wildlife, The Conservation Volunteers and the Mary Peters Trust.
For more information visit hughesinsurance.co.uk
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