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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

Businesses warned about "ghost" insurance brokers

13 August 2024

Experts report that small firms are being targeted by scammers, known as "ghost brokers", that advertise fake insurance deals.

The Insurance Fraud Bureau has warned that ghost broker activity is on the rise, with fraudulent motor insurance deals sold by  so-called ghost brokers on social media platforms increasing by 6% in 2023. Yet, less than one in five businesses are aware of ghost brokers - scammers that trick business owners into buying non-existent or counterfeit business insurance policies.

David Woodfield, chief insurance growth officer at insurer Bionic, explains: "Ghost broking is a type of insurance fraud which involves fraudsters posing as legitimate insurance brokers and tricking business owners into buying non-existent or counterfeit insurance. Motor and property insurance are two insurance industries which are particularly prone to ghost brokers.

"SMEs can be the perfect target for these scammers because they might not always have the time or resources to thoroughly check every insurance offer and attractive, low-cost insurance deals can be especially tempting to smaller businesses."

How does ghost broking work?

Ghost brokers advertise insurance deals with low premiums which might seem too good to be true. They promote these offers online, via social media and WhatsApp, in scam emails or over the phone. Once they've attracted the attention of a business owner, ghost brokers provide fake insurance documents, including fake policy numbers, official-looking logos and convincing legal language.

After business owners pay the premium, the ghost broker disappears without a trace. When the business tries to make a claim, they find out that the insurance company has no record of the policy. By then, the ghost broker is long gone.

What are some common ghost broking scams?

  • Fake insurance communication. Scammers use emails, letters, text messages and social media posts and adverts to offer policies or ask for details to update a current policy. They're designed to look official and often promise huge savings on insurance premiums.
  • Fake insurance quotes. Ghost brokers often provide fake quotes that are significantly lower than genuine market rates. They might present these quotes with convincing documentation and professional presentations.
  • Fake no-claims bonus. Some ghost brokers entice small business owners with policies that include a fake no-claims bonus. They make it appear as though you have a no-claim history, which reduces the quoted premium.

How can businesses protect themselves from ghost brokers?

Business owners that have fallen victim to a ghost broker should report the fraud to the police immediately. Collect all emails, messages, documents and receipts related to the scam. This evidence is crucial for investigations and any legal actions that might follow.

If the ghost broker has impersonated a legitimate insurance company, businesses should contact them to tell them about the fraud. The insurer can guide on the next steps, and in some cases, they might be able to offer temporary coverage.

Ghost broking scams can lead to identity theft. It's a good idea to request a detailed credit report from all major credit bureaus - look for any new accounts or credit inquiries that you don't recognise and report any suspicious activity immediately.

It's also a good idea to consult with a legal professional to help navigate the legal implications of the fraud, get guidance on how to move forward and assist with claims.

Written by Rachel Miller.

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