Businesses Looking for More Insurance Protection

The insurance brokerage, Gallagher did a study of business owners and insurance and found that an increasing number of business owners want to expand their insurance coverage.

Gallagher CEO Patrick Gallagher said protection from risks like cyber attacks and climate change are listed as some of the reasons.

  • 83% said they are actively looking for or are likely to seek additional policies
  • Climate change and natural disasters are the main concerns

“The devastation caused by natural disasters has heightened urgency for adequate protection,” Gallagher said and added there is growing demand for coverage for homes and businesses for potential damages from disasters natural and human caused.

Businesses also worry about cyber attacks with 74% expressing extremely high, or very high, worries about a cyber attack.

Here are more details from the survey and what businesses are worrying about:

  • Cyber attacks — 74%
  • Healthcare costs — 70%
  • Jobless claims — 69%
  • Climate change and natural disasters — 68%

Source link: Reuters —

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