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The Hanover Reveals Results of its 2024 Small Business Risk Report: A Focus on Workers' Compensation

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The Hanover Insurance Group, Inc. released its 2024 Small Business Risk Report focusing on workers' compensation, highlighting how small business owners select their workers' compensation program, the value they place on risk management services, and how a claim impacts their views. The report found that 60% of small business owners prioritize price in their purchase decision, with an increased focus on risk management for those who have had multiple claims. Business owners emphasize employee safety training and value recommendations from insurance agents. The majority of small businesses faced a workers' compensation claim in the past five years, but half are confident in their insurance coverage.
Il Gruppo Assicurativo Hanover, Inc. ha pubblicato il suo Rapporto sul Rischio per le Piccole Imprese 2024, concentrato sulla copertura assicurativa per gli infortuni sul lavoro. Il rapporto evidenzia come i piccoli imprenditori scelgano il loro programma di copertura per gli infortuni sul lavoro, l'importanza che attribuiscono ai servizi di gestione del rischio e l'impatto che una richiesta di risarcimento ha sulle loro opinioni. Dalla ricerca risulta che il 60% dei proprietari di piccole imprese considera il prezzo come fattore prioritario nella decisione di acquisto, con un maggiore interesse verso la gestione del rischio per coloro che hanno avuto più reclami. Gli imprenditori enfatizzano la formazione sulla sicurezza dei lavoratori e apprezzano le raccomandazioni degli agenti assicurativi. La maggior parte delle piccole imprese ha affrontato un reclamo per infortuni sul lavoro negli ultimi cinque anni, ma la metà si dichiara fiduciosa nella propria copertura assicurativa.
The Hanover Insurance Group, Inc. ha lanzado su Informe de Riesgo para Pequeñas Empresas 2024 centrado en la compensación a trabajadores, destacando cómo los pequeños empresarios seleccionan su programa de compensación, el valor que le dan a los servicios de gestión de riesgos y cómo una reclamación afecta sus perspectivas. El informe descubrió que el 60% de los dueños de pequeñas empresas priorizan el precio en su decisión de compra, con un enfoque incrementado en la gestión de riesgos para aquellos que han tenido múltiples reclamaciones. Los empresarios enfatizan la capacitación en seguridad de los empleados y valoran las recomendaciones de los agentes de seguros. La mayoría de las pequeñas empresas enfrentaron una reclamación de compensación laboral en los últimos cinco años, pero la mitad está confiada en su cobertura de seguro.
Hanover Insurance Group, Inc.가 2024년 소규모 비즈니스 위험 보고서를 발표하여 근로자 보상 프로그램에 중점을 두고 있다. 이 보고서는 소규모 사업자들이 근로자 보상 프로그램을 선택하는 방법, 위험 관리 서비스에 부여하는 가치, 청구가 그들의 견해에 미치는 영향을 강조한다. 보고서는 소규모 사업자의 60%가 구매 결정에서 가격을 우선시하며, 여러 번의 청구를 경험한 사람들의 위험 관리에 더욱 중점을 두고 있다는 것을 발견했다. 사업주들은 직원 안전 교육을 강조하고 보험 대리인의 권고를 가치 있게 여긴다. 대다수의 소규모 기업은 지난 다섯 해 동안 근로자 보상 청구를 경험했지만, 절반은 자신들의 보험 커버리지에 자신감을 가지고 있다.
The Hanover Insurance Group, Inc. a publié son Rapport sur les Risques des Petites Entreprises 2024, axé sur l'indemnisation des travailleurs. Le rapport souligne comment les petits entrepreneurs choisissent leur programme d'indemnisation des travailleurs, la valeur qu'ils accordent aux services de gestion des risques et l'impact d'une réclamation sur leurs opinions. Le rapport a trouvé que 60% des propriétaires de petites entreprises priorisent le prix dans leur décision d'achat, avec un accent accru sur la gestion des risques pour ceux qui ont eu plusieurs réclamations. Les chefs d'entreprise mettent l'accent sur la formation à la sécurité des employés et apprécient les recommandations des agents d'assurance. La majorité des petites entreprises ont été confrontées à une réclamation d'indemnisation des travailleurs au cours des cinq dernières années, mais la moitié sont confiantes dans leur couverture d'assurance.
Die Hanover Insurance Group, Inc. hat ihren Risikobericht für kleine Unternehmen 2024 veröffentlicht, der sich auf die Arbeitnehmerentschädigung konzentriert. Der Bericht hebt hervor, wie kleine Unternehmer ihr Programm zur Arbeitnehmerentschädigung auswählen, welchen Wert sie auf Risikomanagementdienste legen und wie sich ein Anspruch auf ihre Ansichten auswirkt. Es wurde festgestellt, dass 60% der Kleinunternehmer den Preis bei ihrer Kaufentscheidung priorisieren, mit einem verstärkten Fokus auf das Risikomanagement für diejenigen, die mehrere Ansprüche hatten. Unternehmer betonen die Sicherheitsschulung der Mitarbeiter und schätzen Empfehlungen von Versicherungsagenten. Die Mehrheit der kleinen Unternehmen hatte in den letzten fünf Jahren einen Anspruch auf Arbeitnehmerentschädigung, aber die Hälfte ist zuversichtlich in Bezug auf ihren Versicherungsschutz.
Positive
  • 60% of small business owners prioritize price in workers' compensation purchase decisions.
  • 45% of owners with multiple claims value risk management services highly.
  • 95% of business owners provide regular safety training for employees.
  • Business owners shift focus to safety after claims, emphasizing risk management and claims handling.
  • 67% of small businesses faced a workers' compensation claim in the past five years.
  • Half of small business owners are 'very confident' in their insurance coverage.
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  • None.

Research offers insights into small business owners' insurance buying habits and risk exposures related to workers' compensation

WORCESTER, Mass., April 22, 2024 /PRNewswire/ -- With workers' compensation being a key component of every small business' insurance program, The Hanover Insurance Group, Inc. (NYSE: THG), a leading property and casualty insurance company, today released its 2024 Small Business Risk Report: A Focus on Workers' Compensation. The fifth edition of the report highlights how small business owners select their workers' compensation program, the value they place on risk management services and how a claim impacts how business owners view their workers' compensation programs.

The Hanover partnered with Statista, a leading data analytics firm, to survey 300 small business owners throughout the United States. The Hanover's 2024 report found 60% of small business owners who have not experienced a claim rank price as one of the two most important factors in their workers' compensation purchase, while only 40% of business owners who have had more than one claim rank price as one of the top two factors in their purchase decision. Furthermore, the more claims that a small business owner has experienced, the greater value they place on risk management and claim handling, with 45% of small business owners who experienced more than one claim rating risk management services as a top consideration.

Other highlights from the study include:

  • Business owners take employee safety training seriously - 95% of business owners reported they regularly provide safety training for employees. Trainings for employees were ranked as the top service used as part of the business owner's insurance programs and the usage of these trainings was higher among business owners that had filed workers' compensation claim.
  • Business owners need knowledgeable insurance resources – After facing a claim, small business owners become more focused on keeping their employees safe and preventing future claims, which is rated as a very important aspect of their workers' compensation program. For small business owners having encountered workers' compensation claims, their insurance priorities transition from price to safety, emphasizing risk management services and claims handling. More than two-thirds of small business owners report that they consider a recommendation from their insurance agent to be a very important factor when purchasing workers' compensation insurance. This presents agents with an opportunity to engage proactively with customers on value-driven considerations before claim occurrences.
  • Businesses that have experienced a workers' compensation claim feel less secure - 70% of respondents of the survey who had not had a claim in the last five years rate their safety culture as "excellent," yet of the business owners that had experienced workers' compensation claims, less than half rated the safety culture within their company "excellent."

"With most business costs rising, small business owners continue to look for ways to reduce risk exposures," said Charles F. Hamann, president of small commercial at The Hanover. "The report data indicates small businesses value support from their independent agents. 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 report also found the majority of small businesses (67%) faced a workers' compensation claim in the past five years. However, half of small business owners are "very confident" that their company is adequately insured. Business owners recognize proper protection and being prepared for the unexpected is critical to their success, creating opportunities for independent agents to discuss emerging risks and value add risk management services. The Hanover partners with independent agents to deliver enhanced workers compensation services including nurse triage programs with 24/7 care, ergonomics toolkits, and return-to-work support. Such programs may significantly reduce the impact of workers' compensation claims.

To view the results of The Hanover's 2024 Small Business Risk Report: A Focus on Workers' Compensation, please click here. For more information about The Hanover's commercial lines insurance solutions, please visit https://www.hanover.com/agents/agent-solutions/commercial-lines.

About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.

CONTACTS:                             


Kyle Tildsley                               

Emily P. Trevallion                                           

ktildsley@hanover.com               

etrevallion@hanover.com                          

508-855-3287                               

508-855-3263



 

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SOURCE The Hanover Insurance Group, Inc.

FAQ

What is the focus of The Hanover's 2024 Small Business Risk Report?

The report focuses on workers' compensation, small business owners' insurance buying habits, risk exposures, and the impact of claims on their businesses.

What percentage of small business owners prioritize price in their workers' compensation purchase decision?

60% of small business owners prioritize price in their workers' compensation purchase decision.

How do business owners' views on risk management services change based on claim history?

Owners with multiple claims value risk management services highly, placing greater importance on them.

What percentage of business owners provide regular safety training for employees?

95% of business owners provide regular safety training for employees.

What do small business owners emphasize after facing workers' compensation claims?

After facing claims, owners emphasize employee safety, risk management, and claims handling.

What percentage of small businesses experienced a workers' compensation claim in the past five years?

67% of small businesses faced a workers' compensation claim in the past five years.

How confident are small business owners in their insurance coverage?

Half of small business owners are 'very confident' in their insurance coverage.

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The Hanover Insurance Group, Inc.

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as a top property and casualty insurance company, the hanover is searching for the most talented professionals―at every level― to join our company. the hanover offers a collaborative environment where you’ll gain new experience and grow your career. the hanover offers comprehensive benefits to help you stay healthy, build financial security, and balance work/home life. at the hanover, you’ll enjoy what you do and have the support you need to succeed. please visit jobs.hanover.com.