Risking It All

Almost one-third of small and midsize business owners have no business insurance whatsoever according to InsuranceBee.

When the company recently researched 1,000 U.S. business owners to find out how well-equipped they are to mitigate risk, it found that of the respondents without an insurance policy, 47% are sole proprietors and more than half have a gross revenue of less than $50,000 a year.

Meanwhile, 43% of sole practitioners do not consider themselves to be risk-takers. When asked why they have no insurance policy, responses included “I don’t need insurance because my business operates in an ethical manner,” and “I can take care of problems myself.”

Other than insurance, 27% of business owners claim to have put money aside to help mitigate risk, while 18% say they have contracts and procedures in place.

Source: InsuranceBee; iamagazine.com

-JK