A new survey highlights business owners’ needs when it comes to insurance coverage.

Gallagher, a global insurance brokerage, risk management and consulting services company, commissioned a survey of 1,000 U.S. business owners and found that despite the majority (97 percent) having business-related insurance policies, 83 percent still worried how specific events or losses could impact their businesses.

Another 83 percent indicated they were seeking or expected to seek additional insurance policies to enhance protection.

Business-related insurance policies in top demand include Business Owners’ Policy (BOP), with 48 percent of respondents indicating they would consider expanding or getting new BOP coverage, and Employment Practices Liability Insurance (EPLI), with 45 percent of respondents considering expanding or getting new EPLI coverage.

Top concerns for business owners — large and small — within the coming 12 months include:

• Climate Change and Natural Disasters: 68 percent have extreme or very high concern about how climate change and natural disasters may impact their businesses.
• Jobless Claims: 69 percent expressed extreme or very high concern about the potential impact of jobless claims.
• Cyber Attacks: 74 percent expressed extreme or very high concern about the impact of a cyber attack on their business.
• Healthcare Costs: 70 percent expressed extreme or very high concern about healthcare costs on their business.

Business owners who actively review and prepare for the future have increased confidence in their risk management strategies, the survey found.

Millennials are twice as likely to review their business insurance coverage monthly (61 percent) compared to Gen X (28 percent) and baby boomers (26 percent).

Half of millennials (50 percent) expressed confidence in their risk management strategy, compared to Gen Z (28 percent) and Gen X (23 percent).

“The big take-away from this survey is just how much insurance can help business owners,” said J. Patrick Gallagher Jr., chairman, president and CEO.