Only 54% of mid-market business owners feel highly protected from their most important risks, according to a new survey from Nationwide.
Many owners say they're prioritizing risk management and safety planning. Among those surveyed, 83% have a dedicated safety budget, and roughly 9 in 10 have formal risk management policies in place. But only 51% of owners see those initiatives as effective.
In an interview with PropertyCasualty360.com, Mark McGhiey, Nationwide’s senior associate vice president of risk management and client services, said many mid-market business owners struggle with creating a comprehensive business continuity plan, which looks at all the risks a business faces and creates systems for prevention and recovery. Among those surveyed, 21% don’t have a business continuity plan in place.
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Corey Dahl
Corey Dahl is assistant editor with PropertyCasualty360.com. Reach her at cdahl@alm.com.
