Click to enlarge chart
A recently released study has found that there is a direct correlation between small business owners’ views and confidence in their insurance coverage based on past claims experience and satisfaction.
The 2019 Small Business Risk Report was conducted by Forbes Insights and property and casualty insurer The Hanover Insurance Group Inc. It surveyed small business owners across the country who had experienced a claim in the last five years to evaluate their claims experiences.
The study also sought small business owners’ perspectives regarding future vulnerabilities, and the value they place on risk management services.
According to the 2019 Small Business Risk Report, 36% of respondents were unhappy with how their insurance claims were handled by their carriers. The study found these claims experiences affected these small business owners’ satisfaction, resulting in less confidence in their insurance program as well as their views on likelihood for future insurance claims.
By contrast, 94% of small business owners who experienced a claim in the last five years and were highly satisfied with the result expressed overwhelming…
