The Hanover Reveals Findings From Its 2022 Small Business Risk Report

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The 2022 Small Business Risk Report found that employee issues are at the forefront, with more than two-thirds of small businesses listing employee dishonesty as a top risk area. And while employee dishonesty ranks first among small business owners’ concerns, surprisingly, only 54% are extremely confident that they are well-protected against this type of risk. Business owners recognize that adequate protection is essential to their success, creating opportunities for independent agents to discuss emerging risks identified in the report.

Other highlights of the study include:

  • Independent agents are considered a key resource for small business owners when purchasing insurance. More than half (57%) of respondents say an agent’s advice or recommendations are critical to their decisions.
  • Small businesses generally do not review their insurance policies regularly. 42% of respondents indicated that they had not reviewed their policies in the past 12 months.
  • Small businesses may not know they need more specialized insurance protection. 78% of small businesses carry out one or more activities presenting exposure to professional liability risk and 69% carry out activities presenting exposure to maritime risk.
  • Relationships matter. 90% of businesses purchased all or part of their insurance coverage through independent local insurance agents.
  • The handling of claims influences the selection of insurers. – 56% of respondents who changed workers’ compensation organizations did so because they were dissatisfied with claims handling. This speaks to the importance of expert claims management as a key part of a workers’ compensation solution.
  • Protection is more important than cost. 79% of small businesses agree that good coverage is more important than price.

“After a difficult few years, small business owners are looking to protect their businesses, their employees and their customers, and to ensure that they can weather any uncertainties that may arise,” said Michael R. KeanePresident of Commercial Core at The Hanover. “Our 2022 Small Business Risk Report highlights that business owners value risk mitigation advice as well as the advice and expertise of their independent insurance agent. By sharing this information and opportunities, we hope give our agents and customers the insurance products and services they need. The report concludes that the risks and preferences of small business owners continue to evolve. We are committed to providing resources and services to support our agents and our small business customers.

To view the results of the 2022 Small Business Risk Report, please visit https://sites.hanover.com/2022-small-business-risk-report/. For more information on The Hanover insurance products and services, please visit https://www.hanover.com/agents/agent-solutions/commercial-lines.

About Hanover

The Hanover Insurance Group, Inc. is the holding company of several property and casualty insurance companies that together constitute one of the largest insurance companies in United States. The company offers exceptional insurance solutions through a select group of independent agents and brokers. In collaboration with its agent partners, The Hanover offers standard and specialty insurance protection for small and medium-sized businesses, as well as homes, automobiles and other personal effects. For more information, please visit hanover.com.

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CONTACTS:


Emily P. Trevallion

Kyle Tildsley

[email protected]

[email protected]

508-855-3263

508-855-3287

All products are underwritten by The Hanover Insurance Company or one of its subsidiaries or affiliates (“The Hanover“). Coverage may not be available in all jurisdictions and is subject to company underwriting guidelines and the policy issued. This document is for informational purposes only and does not provide coverage. For more information on the Hanover visit our website at www.hanover.com.

SOURCE The Hanover Insurance Group, Inc.

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