Small businesses count for 43.5% of U.S. GDP, and 39% of private sector payroll. Small business owners are acutely aware of their risk exposure. There’s a continuity of interest between insurance companies and small business owners around ensuring that this market is responsive and robust. A Celent survey of these mercurial but passionate customers has revealed some conclusions insurers can use as they navigate this complex market:

–Who are small business owners? These demographic questions indicate where technological prowess will concentrate among small business decision-makers

–What’s on their mind? This attitudinal data helps insurers understand how to tune their messaging and product mix to fit this market, so that sales have salience for both sides and lead to customer satisfaction.

–What do they want from their insurers? Changes in small business insurance buying patterns are happening, and the demands for how companies want to interact with their insurance providers at the time of purchasing and servicing require technological investments by small business insurance carriers.

The sample size of the survey is 300. It was conducted over the course of September 10 to September 19, 2024. Demographic information and implications are explored in the first section of this report.

This report is one of two that plumb this survey for insights on small business owners, their insurance needs, the channels they use to buy and the technology strategy insurers can use to reach them. To find the other report, How Small Business Owners Buy Insurance, click here.