Small business insurance is important, and it's not hard to get

June 06, 2014

A recent small business survey cites the importance of having small business insurance.

Hiscox specializes in insurance for small businesses, so if you ask us, you won’t be surprised that we believe it is a key component to creating and building a successful business.  But, you don’t need to just take it from us – over 89% of the 1,023 small business owners we recently survey believed insurance was important in protecting them from unforeseen issues.  That’s great, however in a classic case of do as I say, not as I do, nearly one third (29%) of the businesses we surveyed had no insurance protection.

For some of the small businesses, not having insurance may be due to the perceived difficultly in getting the right policy for their business, 62% wished it was easier to shop for and buy small business insurance.  It doesn’t need to be that hard.  Since Hiscox launched its online direct quote and buy insurance in the U.S. in 2010, we’ve been working to combat confusion about the small business insurance coverage different businesses need and enable them to buy policies directly online. Insurance protects small businesses against any number of potential pitfalls – damaging client’s equipment, lawsuits from unhappy clients and much more – even if you didn’t do anything wrong.  That protection also gives you the confidence you need to focus on your main task of building your business.  93% of small business owners we surveyed cited confidence as extremely or very important to their success.  So don’t leave it to chance, insurance doesn’t have to bust your bank account and specialized policies can be quite affordable. That cost will seem that much lower when you consider the potential price of fighting a lawsuit and paying the costs out of your own pocket. Read the rest of the Hiscox survey findings.