NEXT Insurance, a leading digital insurtech transforming small business insurance, today revealed new survey results that demonstrate a significant gap between small business owners’ biggest stressors in 2023 and what they’re actually prepared for when it comes to their insurance knowledge and coverage.
The survey of 500 small business owners across the U.S. found that though 96 percent of respondents didn’t achieve a “passing” grade in a general insurance knowledge test, only a third reported actually seeking professional help when it comes to their insurance needs. But it’s not all bad news: 82% are taking some steps on their own to better protect their business, like reviewing their coverage or conducting a risk assessment. And it’s not that they’re doing so because they feel false confidence in their insurance know-how: 90% of small business owners surveyed said they lack confidence that their business is adequately insured.
“Insurance has long been thought of as a complicated yet necessary part of running a business,” said Alon Shiran, VP of Product at NEXT. “Insurtechs, like NEXT, are changing that by offering digital-first self-service platforms that are easy to navigate and understand, making the process of obtaining insurance simple and seamless. Our priority at NEXT has always been to enable small businesses to thrive. Through our digital-first self-service platform and machine learning-driven solutions, we’re providing entrepreneurs with coverage tailored to their specific business needs.”
Small businesses are often a bellwether for the greater American—and global—economy; when small businesses begin to feel pressured by inflation, supply chain woes, staffing shortages, and more, it signals broader challenges ahead. NEXT conducted the survey in early 2023 to understand what challenges are top of mind for this cohort, how prepared they feel for those challenges from an insurance perspective, and test their knowledge on general liability…
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