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Thread: Is Your Small Business Properly Insured?

  1. #1
    Registered Victordark's Avatar
    Join Date
    Feb 2020

    Is Your Small Business Properly Insured?

    Brought to you by Kevin Bobkoskie - Riverside Farmers- Bobkoskie Agency

    A new study conducted by The Hanover Insurance Group, Inc., and Forbes Insights, the strategic research and thought leadership practice of Forbes Media, found that less than 37% of small business owners feel they have adequate insurance protection.

    The joint 2018 Small Business Risk Report concluded that small business owners are concerned about increasing risks including cyber, employment practices liability, and crime exposures, yet often are not spending enough time assessing their insurance needs and ensuring they have the right insurance solutions.

    Assessing insurance needs
    In fact, less than half of small business owners surveyed indicated they are spending sufficient time assessing their insurance needs.

    Other key highlights from the report included:

    Small business owners overwhelmingly said breadth of coverage, not price, is the number one consideration when buying insurance for their companies.
    Although small business owners were aware they faced risks, only about half have reviewed their insurance coverage in the past year.
    Of those, just 21% said they leveraged recommendations about insurance coverage from outside experts.
    The top three concerns of small business owners included data breaches, loss of employees and business interruption.

    “With risks evolving and becoming more complex, it’s more important than ever for small business owners to evaluate their insurance needs to help ensure they are properly protected,” said Michael R. Keane, president of core commercial insurance at The Hanover. “This presents a tremendous opportunity for independent agents to provide expert counsel to help assess small business owners’ risks, identify solutions, and guide them through the insurance buying process.”

    Riverside Farmers is a local Leader in Small Business Insurance. We provide a comprehensive view of your current policy and provide recommendations to improve your coverage and lower your premium.

  2. #2
    Join Date
    Aug 2020
    Thanks for the information.

  3. #3
    Registered JoeIskor's Avatar
    Join Date
    Jul 2019
    You are right. It is so important nowadays to insure businesses. The risks are arising everyday and suddenly someone can lose everything they have. A friend of mine happened to have a situation like the one I have described. She did not pay attention to insurance and believed it was nothing to worry about until one day she was forced to give up on her business and on all her dreams. That's why, as I have been told by the guys from; it is nothing more important and excellent than insuring your business and no longer being afraid of the risks that are needed to be taken.

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