Almost 70% of small business owners have faced a workers’ compensation insurance claim in the past five years, according to The Hanover’s 2024 Small Business Risk Report: A Focus on Workers’ Compensation.
While many small business owners faced workers’ comp claims, only half felt very confident they had adequate coverage, according to The Hanover, which surveyed 300 small business owners for the report.
The survey also found that 95% of these businesses offer safety training, which was the most commonly used service offered through a business insurance program.
Businesses that had previous workers’ comp claims were more likely to take advantage of training programs. The survey found that after a claim, insurance and risk management services were viewed as much more valuable. Claims handling also became more important for companies with claims histories.
“With most business costs rising, small business owners continue to look for ways to reduce risk exposures,” Charles F. Hamann, president of small commercial at The Hanover, said in a release. “Additionally, the risk management services carriers offer today are critical to their success. While such services are ranked highly, there is an opportunity for agents and business owners to take a more proactive and holistic approach to worker safety.”
The above slideshow reviews some of the takeaways and notable insights from The Hanover’s small business workers’ comp survey.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.