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Small businesses skimp on risk management

A recent survey finds that although they're more exposed than ever to litigation, catastrophes and natural disasters, small businesses are more concerned with survival than risk management.

By Laura Mazzuca Toops, Broker Editor | Updated on July 27, 2010

Although they’re more exposed than ever to litigation, catastrophes and natural disasters, American small businesses are more concerned with survival than risk management. Worse, insurance agents and brokers -best suited to help mitigate those risks – are the last people they turn to for advice.

A survey sponsored by Travelers and conducted in-person at the U.S. Chamber of Commerce America’s Small Business Summit indicated that 41 percent of respondents from small businesses of all types said they were “extremely confident” their businesses were protected against insurable risks that could result in significant financial losses. Ironically, 44 percent of respondents did not have a written business continuity plan, and 64 percent had never spoken with their insurance agents about developing one.

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