Research offers insights into small business owners'
insurance buying habits and evolving risk exposures
WORCESTER, Mass., April 28,
2022 /PRNewswire/ -- With the small business risk
landscape continuing to evolve, The Hanover Insurance Group,
Inc. (NYSE: THG), a leading property and casualty insurance
company, today released its 2022 Small Business Risk Report, which
looked at the key business risks, purchasing decisions, and
communication and insurance management preferences for small
business owners. The Hanover
partnered with Statista, a leading data analytics firm, to survey
300 small business owners throughout the
United States.
The 2022 Small Business Risk Report found employee issues are
top of mind, with over two-thirds of small businesses rating
employee dishonesty as a major risk area. And while employee
dishonesty takes the top spot among small business owner concerns,
surprisingly, only 54% are extremely confident that they are well
protected from these sorts of risks. Business owners recognize
proper protection is critical to their success, creating
opportunities for independent agents to discuss emerging risks
identified in the report.
Other key highlights from the study include:
- Independent agents are viewed as a key resource to small
business owners for insurance buying. More than half (57%)
of respondents say that advice or recommendations from an agent are
critical to their decisions.
- Small businesses are typically not reviewing insurance
policies regularly. 42% of respondents indicated they
have not reviewed their policies within the past 12 months.
- Small businesses may be unaware they need more specialized
insurance protection. 78% of small businesses engage in one or
more activities that present a professional liability risk exposure
and 69% engage in activities that present a marine risk
exposure.
- Relationships matter. 90% of companies purchased
either all or some of their insurance coverage through local
independent insurance agents.
- Claims handling influences insurance carrier selections.
- 56% of respondents who changed workers' compensation
carriers did so because they were dissatisfied with claims
handling. This speaks to the importance of expert claims handling
as a key component of a workers' compensation solution.
- Protection is more important than cost. 79% of
small businesses agree that proper coverage is more important than
price.
"After a challenging couple of years, small business owners are
looking to protect their companies, employees, and customers, and
to be sure they can overcome the uncertainties that may arise,"
said Michael R. Keane, president of
core commercial at The Hanover.
"Our 2022 Small Business Risk Report highlights that business
owners value risk mitigation guidance and the advice and expertise
of their independent insurance agent. By sharing these insights and
opportunities, we hope to empower our agents and customers with the
insurance products and services they need. The report concludes
that small business owners' risks and preferences continue to
evolve. We are committed to providing resources and services to
support our agents and small business customers."
To view the results of the 2022 Small Business Risk Report,
please
visit https://sites.hanover.com/2022-small-business-risk-report/.
For more information about The Hanover's insurance products and services,
please visit
https://www.hanover.com/agents/agent-solutions/commercial-lines.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for
several property and casualty insurance companies, which together
constitute one of the largest insurance businesses in the United States. The company provides
exceptional insurance solutions through a select group of
independent agents and brokers. Together with its agent partners,
The Hanover offers standard and
specialized insurance protection for small and mid-sized
businesses, as well as for homes, automobiles, and other personal
items. For more information, please visit hanover.com.
About Statista
Statista offers its clients customized services in addition to
its successful business data platform. With its expertise and the
extensive experience of its analysts, industry experts, and market
researchers, Statista Q helps to make customer projects more
fact-based and more successful. Statista Content & Information
Design especially understands how data can be visually processed in
the best way possible. The team of consultants, editors, designers,
and digital marketing experts analyze and process content to create
engaging infographics, presentations, videos, microsites, and more.
For more information, please visit q.statista.com and
statista.design/en.
CONTACTS:
|
|
Emily P. Trevallion
|
Kyle
Tildsley
|
etrevallion@hanover.com
|
ktildsley@hanover.com
|
508-855-3263
|
508-855-3287
|
All products are underwritten by The Hanover Insurance
Company or one of its insurance company subsidiaries or affiliates
("The Hanover"). Coverage may not
be available in all jurisdictions and is subject to the company
underwriting guidelines and the issued policy. This material is
provided for informational purposes only and does not provide any
coverage. For more information about The Hanover visit our website
at www.hanover.com.
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SOURCE The Hanover Insurance Group, Inc.