Business
Statement from Brian Sarisky, Senior Vice President, Chief Underwriting Officer, Commercial Lines, Selective Insurance, on Insurance Awareness Day and Coverage for Small Businesses
Nearly 1 in 4 business owners (22%) do not have an insurance policy on their business, according a survey by Selective Insurance and The Harris Poll. Of those
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"Nearly 1 in 4 business owners (22%) do not have an insurance policy on their business, according a survey by Selective Insurance and The Harris Poll. Of those that do, the study also found that almost half (49%) do not completely understand what their business insurance policy covers. There's no better time than the present for business owners to ensure they have the right coverage for their unique business.\nBRANCHVILLE, N.J., June 27, 2022 /PRNewswire/ -- June 28 is National Insurance Awareness Day, an ideal time for business owners to review their insurance policies and ensure they provide appropriate protection. For many small business owners, their business offers more than just a livelihood for themselves and their employees – it also represents their dedication and passions. Protecting it from unexpected loss is critical.\n\n \n \n \n \n \n \n\n \nEvery business needs insurance. Yet, according to a recent survey conducted by Selective Insurance and The Harris Poll, nearly one in four business owners (22%) do not have an insurance policy on their business. While it may be uncomfortable to plan for the worst, the truth is bad things happen. If a small business experiences loss due to crime or severe weather, having appropriate insurance is a key tool for reducing the impact of that loss.\nFor businesses with insurance, it is important to know what's covered. A study by Selective Insurance and The Harris Poll found that two in five business owners (38%) don't fully understand their insurance coverage. Awareness brings peace of mind – business owners need to take the time to review their policy and discuss it with their independent agent to determine whether there are exposures that need further attention. \nWhether you're an insured or uninsured small business, these five tips can help you evaluate the insurance marketplace and your needs on Insurance Awareness Day:\nWork with an Independent Insurance Agent – Independent insurance agents provide a choice of companies, products, services, and price points to help business owners find the insurance protection that meets their unique needs. They can assist in understanding coverages, including how to address exposures that put businesses at risk.Enact Annual Policy Reviews – As businesses grow and evolve, their insurance coverages must adjust accordingly. Before the annual insu...