83% of business owners have expressed worries about specific events or losses that have the potential to affect their business, with another 83% stating that they are either actively looking, or very likely to seek additional insurance policies to provide greater protection.
Global brokerage, Arthur J. Gallagher & Co., recently commissioned a survey of 1,000 US business owners aimed to obtain insights on their mindset around risk mitigation.
Business-related insurance policies thar are currently in top demand include Business Owners’ Policy (BOP), with 48% of businesses saying that they would consider expanding or getting new BOP coverage.
Another 48% also said they would consider expanding or getting new life insurance coverage, while 45% stated that they would consider expanding or getting new Employment Practices Liability Insurance (EPLI) coverage.
Gallagher’s data also showed that there are a number of major concerns that business owners have over the next 12 months.
These include climate change and natural disasters, with 68% saying that they have extreme or very high concern about how climate change and natural disasters could affect their businesses.
At the same time, 69% expressed extreme or very high concern about the potential impact of jobless claims.
Cyber attacks was deemed the biggest concern, with 74% expressing extreme or very high concern about the impact of a cyber-attack on their business.
And lastly, 70% expressed extreme or very high concern about healthcare costs on their business.
J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: “Our goal is to position our clients for success, always striving for the best solutions, whether they be disaster recovery, employee wellness or claims outcomes.
“The findings from this survey are proof points of what we hear every day in speaking with our clients: ‘These are my fears, how can you help?’ We provide tailored risk management for their specific needs to instill confidence and offer the peace of mind business owners need to navigate the complexities of today’s business environment.”
“The big take-away from this survey is just how much insurance can help business owners. At the end of the day, business owners worry about how their business can support their family. Gallagher understands that – we are a family-driven business, and we work with companies of all sizes to lessen risk and make sure owners can continue operating and ultimately, providing for their families,” Gallagher, added.
