ROLLING
MEADOWS, Ill., June 12,
2024 /PRNewswire/ -- Gallagher, a global insurance
brokerage, risk management and consulting services company,
recently conducted a survey of 1,000 American business owners,
revealing 80% of business owners are worried their business
insurance will not cover a specific event or loss. Business owners
are most worried about:
- Extreme Weather Conditions: 91% worry about the threat
of extreme weather conditions or natural disasters and the effect
on their business.
- Cyber-Attacks: 69% expressed concern about the impact of
a cyber-attack on their business, yet only 32% of business owners
surveyed have cyber coverage.
- Supply Chain Disruptions: 68% expressed extreme concern
about supply chain disruptions and how this will affect their
business.
- U.S. Election: 63% are very concerned about the election
results affecting their business.
"The world is changing at an unprecedented pace. Each day it
seems there are new risks emerging as the next big thing," said
J. Patrick Gallagher, Jr., Chairman, President and CEO. "As we
face these challenges head on to help businesses of all sizes, it's
important to constantly consider and evolve the ways in which we
mitigate the risks and help protect the things that matter most.
Sourcing the right partners to secure tailored protection is a
great way to ease those concerns."
AI Growth Comes with AI Risk
The survey found that an
overwhelming majority (81%) of business owners are looking to
maintain or even increase AI investments in 2024. With the
continued integration of AI, businesses are poised to unlock new
avenues for growth and efficiencies. Yet, this expansion also
amplifies additional risk exposures. Sustained growth coupled with
robust protection will be paramount for navigating this evolving
landscape effectively.
- Growth: Half of the businesses (50%) investing in AI are
betting on the technology to boost their IT
capabilities. Beyond that, many are looking to adopt AI to improve
their outreach through marketing (42%) and sales (35%), putting AI
to work to help their businesses grow.
Small businesses with between 1-50 employees (52%) are less
interested in AI than their larger counterparts:
- 51-100 employees (87%)
- 101-500 employees (87%)
- 501-1,000 employees (93%)
- + 1,000 employees (89%)
- Risk: Even with the positive benefits of the technology,
many are concerned about its potential negative effects, ranging
from exposing sensitive information (37%) and regulatory risks
(35%) to making their work obsolete (35%).
Strategic Talent Attraction and Retention Can Lessen Business
Risk
A majority (80%) of respondents experienced financial
growth over the last 12 months, including 27% who saw significant
growth. Concerns about their business and growth have led nearly
all business owners (96%) to put risk management strategies or
practices in place for their businesses.
And while business owners are aware of the many external factors
that could impact their business, there is one internal factor that
owners are also concerned about: talent. The survey revealed that
86% of business owners felt at least somewhat concerned about their
ability to attract and retain talent.
"The heart and soul of an organization lies within its people
and that talent is the driver behind any successful business,"
Gallagher said. "Attracting and retaining dynamic and diverse
individuals who share your vision will create skilled teams and
yield positive business growth."
Media contacts
Gallagher: Jen Marshall; Jen_Marshall@ajg.com; Tel: +1 847
476 2734
Prosek Partners on behalf of Gallagher: Jordan Specht; Email: jspecht@prosek.com; Tel:
+1 915 815 8335
Study Methodology
The survey was conducted between
March 4 – 15, 2024, by Wakefield
Research among 1,000 U.S. business owners using an email invitation
and an online survey.
Results of any sample are subject to sampling variation. The
magnitude of the variation is measurable and is affected by the
number of interviews and the level of the percentages expressing
the results. For the interviews conducted in this particular study,
the chances are 95 in 100 that a survey result does not vary, plus
or minus, by more than 3.1 percentage points from the result that
would be obtained if interviews had been conducted with all persons
in the universe represented by the sample.
About Gallagher
Gallagher is one of the world's
largest insurance brokerage, risk management and consulting firms.
As a community insurance broker and trusted local consultant, we
help people and businesses move forward with confidence. With more
than 52,000 people working around the globe, we are connected to
the places where we do business and to every community we call
home. Managing risk with customized solutions and a full spectrum
of services, helping you foster a thriving workforce, and always
holding ourselves to the highest standards of ethics to help you
face every challenge - that is The Gallagher Way.
https://ajg.com
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SOURCE Gallagher