Forbes Insights and The Hanover Insurance Group Report Findings from its 2020 Small Business Risk Report
Forbes Insights and The Hanover Insurance Group Report Findings from its 2020 Small Business Risk Report Third annual study sheds light on insurance exposures and preferences for small business owners |
[04-June-2020] |
WORCESTER, Mass., June 4, 2020 /PRNewswire/ -- A new study released today found that despite the increase in direct insurance writers, small business owners are reporting that independent insurance agents are more important than ever in helping them assess their insurance needs. The 2020 Small Business Risk Report, conducted by Forbes Insights, the strategic research and thought leadership practice of Forbes, and The Hanover Insurance Group, Inc. (NYSE: THG), a leading property and casualty insurance company, surveyed small business owners to garner their perspectives around insurance exposures and future vulnerabilities. The 2020 Small Business Risk Report concluded that only two percent of respondents are buying their insurance online. 72% of small business owners reported that the advice of an independent agent is critical to their insurance decisions. In fact, more business owners agree that they are leveraging recommendations about insurance coverage from outside experts, up 12 percentage points at 64% from the company's 2018 survey. However, digital servicing tools are important to business owners, with the top three most important capabilities they are looking to conduct online being: viewing and paying bills, requesting certificates of insurance, and viewing and downloading policy documents. Other key highlights from the study include:
"As the world experiences a year of unprecedented change, it's more important than ever that we understand the complexities of small business owners and invest in the tools and products that will help our agents best serve their customers," said Michael R. Keane, president of core commercial at The Hanover. "Our annual Small Business Risk Report further validates the importance of working with independent agents to secure the best combination of coverage for business owners to protect their assets, especially during these challenging times. And we are committed to continuing to invest in our small commercial offering to help provide that for our agents." To view the results of the 2020 Small Business Risk Report, please visit https://www.hanover.com/2020-small-business-risk-report/. For more information about The Hanover's small commercial insurance products and services, please visit hanover.com. About Forbes Insights About The Hanover
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Company Codes: NYSE:THG |
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