A role for agents helping small businesses manage risks
What keeps small business owners up at night? That's a question that Forbes Insight and The Hanover Insurance Group sought answers for in their recent study, The Small Business Risk Report. Forbes Insights surveyed U.S. small business owners (SBOs) throughout the country, asking SBOs how they approach exposures to their businesses and how they consider the proper ways to protect their companies in today's evolving and challenging business environment.
Overall, the top three identified risks by this group were cyber / data breach (94%); employment liability / crime (72%); and professional liability (41%). The study findings point to a clear role for the independent insurance agent. Among key findings: Small business owners report that they do not have sufficient time to ensure proper insurance coverage, despite seeing value in that coverage. For example, 43% of responding SBOs hadn't reviewed their policy and coverage within the past year. SBOs also said they need help selecting the right coverage, yet "... only 21% are leveraging recommendations about coverage from outside experts."
See the infographic below for a survey summary or click for the full Small Business Risk Report.