Thursday, Jul 9, 2020
International Finance

Study find small business owners spend valuable time in assessing insurance needs

The Hanover, Forbes  Insight, small business owners, Small Business Risk Report, crime exposures, insurance buying
According to a study conducted by Forbes Insights and The Hanover Insurance Group shows that less than 37% of small business owners feel they have adequate insurance protection

The joint 2018 Small Business Risk Report surveyed small business owners across the country to evaluate their understanding of insurance risk exposures and insurance purchase behaviors.

The 2018 Small Business Risk Report concludes that small business owners are concerned about increasing risks including cyber, employment practices liability and crime exposures, yet, often are not spending enough time assessing their insurance needs and ensuring they have the right insurance solutions. In fact, less than half of small business owners surveyed indicated they are spending sufficient time assessing their insurance needs.

Other key highlights from the 2018 Small Business Risk Report include:

  • Small business owners overwhelmingly say breadth of coverage, not price, is the number one consideration when buying insurance for their companies
  • While small business owners are aware they face risks, only about half have reviewed their insurance coverage in the past year
  • Of those, just 21% say they leverage recommendations about insurance coverage from outside experts
  • The top three concerns of small business owners include data breaches, loss of employees and business interruption

“With risks evolving and becoming more complex, it’s more important than ever for small business owners to evaluate their insurance needs to help ensure they are properly protected,” said Michael R. Keane, president, core commercial at The Hanover. “This presents a tremendous opportunity for independent agents to provide expert counsel to help assess small business owners’ risks, identify solutions and guide them through the insurance buying process.

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