PROVIDENCE – Small-business owners are concerned about risks such as cyberattacks, crime exposure and various types of liability, but fewer than half of them – 37 percent – believe they have enough insurance to protect them.
A 2018 Small Business Risk Report produced by Forbes Insights, a research and leadership practice of Forbes Media, and The Hanover Insurance Group Inc. surveyed small-business owners across the country to evaluate their understanding of insurance risk exposures and insurance purchase practices.
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The report says small-business owners are concerned about increasing risks of cyberattack, employment practices liability and crime exposures, but often they are not spending enough time assessing their insurance needs and ensuring they have the right insurance.
Other key highlights from the 2018 Small Business Risk Report include:
- Small-business owners overwhelmingly say breadth of coverage, not price, is the top 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 percent say they use 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 Keane, president of core commercial at The Hanover. “This presents a tremendous opportunity for independent agents to provide expert counsel.”
To see an executive summary of the Small Business Risk Report results, click here.
Mary Lhowe is a PBN contributing writer.
