A person holds a 'thumbs up' to the camera. When it comes to specific insurers, J.D. Power found Nationwide ranks highest in overall customer satisfaction, followed by State Farm and Cincinnati Insurance. Photo: sdecoret/Shutterstock.com

In spite of climbing interest rates and a tough market, small business owners are happier than ever with their insurance providers. J.D. Power’s 2023 U.S. Small Commercial Insurance Study showed satisfaction of small business insurance customers with their commercial insurers has hit an all-time high, reaching 847 on J.D. Power’s 1,000-point scale. This is an increase of 5 points from 2022 and 70 points from a decade ago.

The exception to this bump in satisfaction were businesses with fewer than five employees – also referred to as micro businesses.

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