There are more than 30 million small businesses in the U.S., comprising 99.7% of employer firms, according to the U.S. Small Business Administration. Defined as an independent business that employs fewer than 500 employees, small businesses are a huge market opportunity for insurers and brokers. A recent study from J.D. Power reveals that small business owners have never been more satisfied with their insurance providers. After three years of stagnant satisfaction levels, insurance companies stepped up their investments in technology, servicing, product line-up and infrastructure to support small business customers, resulting in the all-time high satisfaction score in the J.D. Power 2019 U.S. Small Commercial Insurance Study. "Insurers have focused on improving their approach to the small commercial market and it shows," David Pieffer, practice lead, property & casualty insurance practice at J.D. Power, said in a release. "Technology has become an increasingly critical component in the small commercial insurance offering. Digital channels are now more influential than ever before in shaping commercial customer experiences and this will be an important area of focus moving forward as technology continues to evolve rapidly and more customers interact with their insurers via electronic channels." More than 3,200 small commercial insurance customers were asked to rate their insurers based on overall satisfaction in five areas: interaction, policy offerings, price, billing and payment, and claims. Insurers' satisfaction scores were then calculated on a 1,000-point scale, with 844 being the industry's average score. To find out which small commercial carriers were rated highest by their customers in the study, click through the slideshow above. Related: |

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