One in four small firms operate without business insurance: survey
Fifty-nine percent find understanding business insurance difficult or frustrating which listed knowing what is and is not covered, determining how much coverage is needed, and identifying risks specific to their industry among the common challenges.
Seventy-six percent agreed insurance should be an integral part of business planning, while 24 percent view insurance as a cost to minimize.
“Many business owners wear multiple hats every day, and reviewing insurance coverage often falls behind more immediate priorities,” said Tang Trang, vice president of small business insurance at TD Insurance, in the company’s release.
Insured owners were more likely than uninsured owners to say their business is positioned to grow and succeed in the coming year, 73 percent versus 58 percent.They were also more likely to prioritize growth and expansion, 63 percent versus 49 percent, and investment in technology and digital tools, 20 percent versus 11 percent.
Among insured owners, 72 percent reviewed their coverage in the past year, and nearly two-thirds said growth would prompt them to update that coverage.
