83% of companies are actively looking for additional insurance coverage
83% of business owners expressed concern about specific events or losses that could affect their business, and another 83% said they are either actively seeking or will seek additional insurance coverage to provide better protection.
The brokerage company Gallagher & Co commissioned a survey of 1000 business owners in the United States to assess risks.
The most popular business risk insurance products include business owners’ policies (BOPs), with 48% of companies saying they would consider expanding or taking out new coverage.
Another 48% also said they would consider expanding or obtaining new life insurance coverage, while 45% said they would consider expanding their Employment Practices Liability Insurance (EPLI) coverage.
The survey data also showed that business owners have a number of major concerns over the next 12 months, which include climate change and natural disasters, with 68% saying they are extremely or very concerned about how climate change and natural disasters could affect their business.
69% expressed high concern about the potential impact of unemployment claims.
Cyberattacks were the biggest concern: 74% expressed extreme or very high concern about the impact of a cyberattack on their business.
70% expressed extreme or very high concern about healthcare costs for their business.