Business & Insured Losses — Big Worries

A new study from Gallagher points out that business owners have a growing bunch of worries in 2025. Concerns range from tariffs to supply chain disruption to AI to natural disasters.

And the biggest worry? Will insurance cover it all. The study shows that 90% aren’t sure their insurance will totally cover a specific loss or event. Here’s more:

• 87% of the responding businesses filed a claim in 2024
• 73% said the claim was for $25,000 or more

More specifics on the concerns:

• 93% are concerned about supply chain disruptions in the next 12 months
• 73% say they’ve had supply chain issues in the past
• 75% have contingency suppliers ready just in case
• 90% are closely watching the tariff impact on business
• 89% worry about product recalls
• 85% have been hit and impacted by a recall in the past
• 91% keep an eye on natural disasters and worry about the impact of one on them
• 71% have filed a flood insurance claim in the past

The survey found that businesses are being more proactive than ever in trying to protect their properties:

• 40% have done flood-proofing
• 39% worked on fire-proofing
• 37% did wind-proofing
• 32% put emphasis on hurricane-proofing
• 31% focused on hair

A huge point is how 57% of those surveyed have considered moving their business to a “safer” location or investing in building a more resilient facility.

Other concerns:

• 72% are extremely or very concerned about cyber attacks
• 36% say they’re willing to purchase cyber insurance or expand what they have
• 93% worry about the negative effects of artificial intelligence
• 95% say AI misuse needs stronger regulation
• 90% say businesses need regulations to give them better protection from AI

Source link: PropertyCasualty360.com — https://bit.ly/4mXnaWy