Selective’s Business Owners Policy Helps Small Businesses Protect Against Underinsurance During High Inflation
BRANCVILLE, NJ, May 10, 2022 /PRNewswire/ — Selective Insurance today announced the results of a January 2022 study conducted on its behalf by The Harris Poll of over 300 US business owners, which found that only 43% of US business owners have increased their commercial insurance policy limits to account for inflation. These updates were influenced by things like rising costs of goods and services, rising wages, and rising interest rates on loans, all of which can impact the cost of rebuilding. or resuming activities after a claim.
43% of business owners in the United States have increased their business insurance policy limits to account for inflation.
“With the impact of inflation on the economy, it is imperative that business owners work with their agents to assess the adequacy of their coverage and insurance limits,” said Brenda RoomDeputy Managing Director Companies.
The selective study found that nearly 2 in 5 (38%) US business owners do not fully understand the extent of their insurance coverage. Therefore, they probably don’t know how to assess for themselves if they are properly protected. Additionally, nearly 1 in 4 business owners (22%) have not purchased insurance for their business.
Hall added, “Selective works closely with independent insurance agents to help small businesses assess their risks and understand coverage options that fit their business operations. increasing construction costs, is the perfect solution.”
Selective’s BOP policy can help reduce the need to monitor property insurance limits during a policy term by automatically increasing the insurance limit for the property to which it applies during the year of insurance. This feature can help small businesses maintain adequate property insurance limits during times of inflation.
For more information on Selective’s BOP policies for small businesses, visit: https://www.selective.com/for-businesses/businesses-insurance-coverage/business-owners-policy
This survey was conducted online in United States by The Harris Poll on behalf of Selective Insurance of January 20-24, 2022, among 303 US adults ages 18 and older who own a business. This online survey is not based on a random sample and therefore no estimate of theoretical sampling error can be calculated. For full survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (NASDAQ: SIGI) is a holding company of 10 property and casualty insurance companies rated “A+” (Superior) by AM Best. Through independent agents, insurance companies offer standard and specialty insurance for business and personal risk and flood insurance through the National Flood Insurance Program’s Write Your Own program. Selective’s unique position as a leading insurance group and employer of choice is recognized in a wide variety of awards and accolades, including the Fortune 1000 and being named a Great Place to Work® in 2021. For more information on Selective, visit www.selective.com.
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SOURCE Selective Insurance Group, Inc.