Business Owners Worry About Gaps in Insurance Coverage, Survey Finds

About 8 out of 10 business owners recently surveyed expressed worries that specific events or losses would have the potential to affect their firms despite their existing business insurance coverage. Life insurance and business owner policies tied as the top concerns.

While 97% of those surveyed had business-related insurance, 83% are worried about potential losses, and another 83% are either actively looking or very likely to seek additional insurance policies to provide greater protection, according to the Gallagher survey.

According to the survey, business-related insurance policies that are in high demand by business owners include:

Business Owners’ Policy (BOP): 48% would consider expanding or getting new BOP coverage.

Life Insurance: 48% would consider expanding or getting new life insurance coverage.

Employment Practices Liability Insurance (EPLI): 45% would consider expanding or getting new EPLI coverage.

The survey also uncovered that business owners of all generations and company size have a strong need for tailored business insurance coverage to alleviate their concerns.