Key findings from the study include:

Trust is a key value driver for commercial insurers. Overall small business customer satisfaction with commercial insurers is 697 (on a 1,000-point scale). Among customers who have the highest levels of trust in their insurance providers, overall satisfaction jumps 180 points to 877.
Trust varies widely among small commercial insurers. Insurers that achieve the highest levels of trust help customers understand policy coverage while personalizing products to their specific business needs.
Premiums are increasing. Overall, 36% of small businesses experienced a premium increase this year, up from 34% in 2023. Of those, 51% of increases were initiated by the insurer, 16% were the result of changing business needs and 13% were due to a change the customer made to their policy.
Understanding reasons for premium increases is critical to maintaining trust. When customers completely understand the reasons for a premium increase, trust is 142 points higher than when they do not understand.
Know your customer. Overall, 55% of commercial insurance customers say they've received information personalized to their business from their insurer, which in turn drives an average overall trust score of 761.

Among insurance carriers, J.D. Power ranks American Family the highest in overall customer satisfaction with a score of 727, State Farm ranks second and Allstate is third, according to J.D. Power.

Special Reports /

Small commercial insurance carriers pin customer retention on trust

Related Stories

Recommended For You