Mid-market clients struggle to understand insurance needs, coverage

These clients have a lot to consider when shopping for insurance and typically face more challenges in the process than small-business owners.

Eighty percent of middle-market business owners are reevaluating their insurance coverage needs as they navigate through the economic downturn, according to Nationwide’s new Agent Authority research.

The survey of 2,600 U.S. independent insurance agents, consumers and business clients reveals that many middle-market business owners struggle to understand their current coverage. This segment also requires more complex coverage, providing an opportunity for agents to offer personalized attention and advice to middle-market clients.

Related: Agents could do more to service clients’ needs, study finds

“As business owners adapt to remain competitive, they need an agent they can trust to see around the corner and customize their protection needs,” said Linda Stueber, vice president of Nationwide’s Middle-Market commercial team, in a release. “Now more than ever, it’s vital for agents to help business owners fully understand the coverage they have in place, adapt to new or changing risks, and be proactive in addressing those risks or gaps.”

Check out the below infographic for more insights from Nationwide’s Agent Authority survey.

(Source: Nationwide)