Berkshire Hathaway Company gauges business owner financial protection awareness and attitudes
Omaha, Nebraska--(Newsfile Corp. - September 26, 2022) - biBERK (biberk.com), a Berkshire Hathaway company and leading online provider of commercial insurance, has announced completion of a small business insurance survey. The results provide insights on company owners' understanding of and interest in business insurance.
"In many ways, the survey confirmed the company's beliefs about small businesses and insurance coverage, but there were also some interesting contradictions in the data," said biBERK President Peter Shelley.
Shelley pointed out that nearly 90% of respondents indicated they feel having adequate business insurance is very or somewhat important, but more than 18% acknowledged that they don't review their policies annually. In addition, less than half (43%) have increased their policy limits recently, which can be problematic with today's high inflation rates.
"Some of the numbers are concerning, because the value of company assets and the amounts awarded in lawsuits increase over time. If a loss or liability judgment exceeds a policy's limit, the difference comes out of the company's revenue or savings," Shelley added. "Few small businesses can afford to pay potentially many thousands of dollars out of pocket due to inadequate business insurance."
"Overall, the takeaway from the survey is that while many business owners understand the importance of adequate insurance and seem to be proactively addressing their financial protection, significant knowledge gaps remain. Unfortunately, that can translate to costly coverage gaps," Shelley cautioned. "The survey also confirmed that our company must continue helping to educate owners about business insurance, including through the many informative articles on the company's website and interactions with helpful licensed insurance experts."
Learn more about biBERK at biberk.com.
biBERK, part of Warren Buffett's Berkshire Hathaway company, specializes in commercial insurance for small businesses. Companies in a wide variety of industries look to biBERK for policies that provide vital financial protection and a purchase process that makes getting coverage fast and convenient.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138405