Climate, cyber and supply chain issues are the top three concerns for business owners, according to a study by Arthur J. Gallagher & Co. released Wednesday.
The broker said its recent survey of 1,000 U.S. business owners showed 80% are worried their business insurance will not cover a specific event or loss. The same percentage said their business had experienced financial growth over the last 12 months
Ninety-one percent of respondents identified extreme weather conditions or natural disasters as the top threat that could impact their business.
More than two thirds, 69%, said they’re concerned about the impact of a cyberattack on their business, despite the fact that only 32% of business owners surveyed have cyber coverage, Gallagher said.
Almost the same proportion, 68%, expressed “extreme concern” about supply chain disruptions and how they could affect their business.
Election year jitters ranked fourth, with 63% of respondents “very concerned” about the election results affecting their business.
Increasing concerns about their business and growth have led 96% of owners to put risk management strategies or practices in place.
Even…
