Small businesses owner priorities shift from price to risk management after a workers’ compensation claim, The Hanover found
Experiencing a workers’ compensation claim significantly influences small business owner confidence in their insurance program, shifting their focus from price to safety and risk management, according to a survey by The Hanover Insurance Group, Inc.
The study found that small businesses without any claims prioritize price as the top consideration when purchasing workers’ compensation insurance. However, for those with at least one claim, the focus shifts towards risk management services and claims handling. Specifically, 60% of small business owners without a claim rank price as a key factor, while only 40% of those with more than one claim do the same.
Interestingly, the more claims a small business owner has experienced, the greater the value they place on risk management and claims. Among businesses that have had claims, 45% rate risk management services as one of the top two considerations.
The survey also highlighted the role of insurance agents, with over…
