Top business-loss concerns of 2024

Slideshow July 01, 2024 at 05:00 AM

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No one ever said running a business was easy. The stress of running a business is likely why Steve Jobs said that perseverance is what separates successful entrepreneurs from those who falter. Business owners in 2024 face a myriad of risks. Some are insured; others may not be. Or the coverages may be insufficient to fully fund recovery after a major loss event. Today's commercial enterprises "are operating in an increasingly complex and volatile business environment requiring a more proactive approach to risk identification and mitigation," Denise Perlman, president and national practice leader of Business Insurance at Marsh McLennan Agency, said in a late-May press release announcing that firm's 2024 Business Insurance Trends Report. The study is based on research with more than 500 executives who work at companies with 250 employees or less and generate between $10 million to $49 million in annual revenue. Among the study's top-line takeaways: Sixty-four percent of respondents said that they thoroughly reviewed their insurance coverage in 2023; up from 14% in 2022. The slideshow above illustrates the top loss concerns for today's mid-market businesses, according to Marsh McLennan Agency. "Despite the challenges, our findings show that organizations are becoming more mindful of their business' vulnerabilities," Perlman said, "and are seeking to ensure proper insurance coverage is in place to protect their bottom lines." Related: