Small Business Owners Lack Confidence in Insurance Coverage, New Research Shows
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Small Business Owners Lack Confidence in Insurance Coverage, New Research Shows

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More than 60% of small business owners lack “strong confidence they are adequately insured.”

 

This startling finding is part of the 2018 Small Business Risk Report, jointly undertaken by The Hanover Insurance Group, Inc. and Forbes Insights.

 

In addition to lack of confidence in insurance coverage, the report also discovered that 2 of 3 small business owners “don’t spend sufficient time assessing insurance needs or exploring insurance coverage options.”

 

Here are some other key findings, according to the report:

•  Small business owners acknowledge they operate in a complex and changing risk environment

 

– Small business owners (SBOs) are exposed to several risk categories, with 94% of businesses facing cyber security risks, followed by 72% of businesses facing employment related and crime risks

 

•  Small business owners report they do not dedicate sufficient time to ensuring they have proper insurance protection

 

– 33% of SBOs completely agree they spend sufficient time devoted to assessing their insurance needs

 

– 43% of SBOs haven’t reviewed their policy and coverages within the past year

 

•  Small business owners need help selecting insurance solutions for key vulnerabilities

 

– Of the SBOs that report they are exposed to employment related risks, only 23% are expanding insurance coverage

 

– Similarly for small businesses that face cyber related risks, 24% are obtaining insurance coverage and 17% are expanding to address these risks

 

•  Small business owners value coverage, yet often do not leverage outside experts when making insurance decisions

 

– 82% of SBOs agree proper coverage is more important than pricing

 

– Yet, only 21% are leveraging recommendations about coverage from outside expert

The biggest takeaway from these results?

 

Now is the time for small business owners to commit to getting confident about their coverage.

 

For complete information see the “2018 Small Business Risk Report” and “Most small business owners feel they don’t have adequate insurance.”

 

Contact Saginaw Bay Underwriters to schedule a meeting with a business insurance risk advisor.

 

 

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