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New research has revealed that there is confusion among small businesses about what constitutes advice – and where they should go to obtain it.

The British Insurance Brokers' Association found that small businesses who did not use brokers were confused about whether providers had searched the market and provided them with advice or information. The research also established that small businesses that do use brokers put great value on the service they receive.

The association found that there is confusion about what constitutes advice and where to go to obtain it – it found that 33% of small businesses did not understand that they weren't receiving advice and were probably only being offered a single product when they went to a lender.

Eric Galbraith, BIBA's chief executive, says: "It is important that brokers play a key role in informing small business in what they do and how they can help them. This is even more important during the economic downturn when small businesses are likely to focus more on price."

In spite of the apparent confusion, advice is highly valued with 96% of small businesses who used a broker stating that advice was important, according to BIBA. This prove that if you find the right advice, it will help you. Financial products like insurance and mortgages might seem complicated, especially for small businesses, but with the right adviser, a professional adviser, there should be no problems.

If you are a confused small business owner, don't stay in the dark – call a professional financial adviser today and see what they can do to help your business.

SOURCE: BIBA, 06/04/09

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