A survey of business owners found that those who regularly review their coverages and prepare for the future have more confidence in their risk management abilities. This is particularly true of millennials, who are twice as likely to review their business insurance coverage monthly compared with Gen X and baby boomers, according to Arthur J. Gallagher & Co. Credit: TAlex/Adobe Stock
Although most (97%) entrepreneurs already have some type of commercial insurance policy, 83% said they are still worried about specific events that could impact their businesses, according to a survey by Arthur J. Gallagher & Co.
Further, 83% said they are actively looking or very likely to seek additional insurance policies. Gallagher reported that 48% of those with a business owners policy (BOP) would consider expanding or getting new BOP coverage, while 45% of business owners said they would consider expanding or getting new employment practices liability insurance.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
