MEADOWS, Ill., Aug. 8, 2023
/PRNewswire/ -- Gallagher, a global insurance brokerage, risk
management and consulting services company, commissioned a survey
of 1,000 U.S. business owners aimed to glean insights on their
mindset around risk mitigation. Despite the majority (97%) of
business owners having business-related insurance policies, an
overwhelming 83% expressed worries about specific events or losses
that have the potential to affect their business, and another 83%
are either actively looking or very likely to seek additional
insurance policies to provide greater protection. Business-related
insurance policies in top demand include:
- Business Owners' Policy (BOP): 48% would consider
expanding or getting new BOP coverage.
- Life Insurance: 48% would consider expanding or
getting new life insurance coverage.
- Employment Practices Liability Insurance (EPLI): 45%
would consider expanding or getting new EPLI coverage.
The survey uncovered that business owners – of all generations
and company size – have a strong need for tailored business
insurance coverage to alleviate concerns. Results serve as a
reminder to reevaluate insurance needs that meet the uncertainties
and complexities of the modern environment.
Major concerns that business owners have over the next 12 months
- Climate Change and Natural Disasters: 68% have
extreme or very high concern about how climate change and natural
disasters could affect their businesses.
- Jobless Claims: 69% expressed extreme or very high
concern about the potential impact of jobless claims.
- Cyber Attacks: 74% expressed extreme or very high
concern about the impact of a cyber-attack on their business.
- Healthcare Costs: 70% expressed extreme or very high
concern about healthcare costs on their business.
"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," said J. Patrick
Gallagher, Jr., Chairman, President and CEO. "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."
Planning for the Future Boosts Business Owners'
Business owners who actively review and prepare for the future
have increased confidence in their risk management strategies,
which holds true for Millennials in particular. Millennials are
twice as likely to review their business insurance coverage monthly
(61%) compared to Gen X (28%) and Baby Boomers (26%). They also
perceive their risk management strategies as extremely effective,
with 50% expressing confidence, compared to Gen Z (28%) and Gen X
In the dynamic realm of modern business, staying afloat amidst
complexities and uncertainties requires a strategic approach. The
study reveals a fundamental truth: regular review and proactive
risk management must serve as the compass guiding business owners
through uncharted waters. By diligently assessing insurance
coverage and implementing effective strategies, business owners can
better chart a course to enhanced confidence and fortified
"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,"
Murray, Director, Global Media Relations; Email:
Kelli_Murray@ajg.com; Tel: +1 847 273
Prosek Partners on behalf of Gallagher:
Email: firstname.lastname@example.org; Tel: +1 915 815
The survey was conducted from
March 29 – April 11 by Wakefield Research among
a representative sample of 1,000 American business owners from
organizations ranging in size from 1 - 1,000, with the median
organization size ranging from 101 - 500. The sample size and
methodology ensure a statistically significant representation of
the target population.
Results of any sample are subject to sampling variation. The
magnitude of the variation is measurable and is affected by the
number of interviews and the level of the percentages expressing
the results. For the interviews conducted in this particular study,
the chances are 95 in 100 that a survey result does not vary, plus
or minus, by more than 3.1 percentage points from the result that
would be obtained if interviews had been conducted with all persons
in the universe represented by the sample.
Gallagher is one of the world's
largest insurance brokerage, risk management and consulting firms.
As a community insurance broker and trusted local consultant, we
help people and businesses move forward with confidence. With more
than 43,000 people working around the globe, we're connected to the
places where we do business and to every community we call home.
Managing risk with customized solutions and a full spectrum of
services, helping you foster a thriving workforce, and always
holding ourselves to the highest standards of ethics to help you
face every challenge - that's The Gallagher Way.
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