Climate, cyber and supply chain issues are the top three concerns for business owners, according to a study by Arthur J. Gallagher & Co. released Wednesday.
The broker said its recent survey of 1,000 U.S. business owners showed 80% are worried their business insurance will not cover a specific event or loss. The same percentage said their business had experienced financial growth over the last 12 months
Ninety-one percent of respondents identified extreme weather conditions or natural disasters as the top threat that could impact their business.
More than two thirds, 69%, said they’re concerned about the impact of a cyberattack on their business, despite the fact that only 32% of business owners surveyed have cyber coverage, Gallagher said.
Almost the same proportion, 68%, expressed “extreme concern” about supply chain disruptions and how they could affect their business.
Election year jitters ranked fourth, with 63% of respondents “very concerned” about the election results affecting their business.
Increasing concerns about their business and growth have led 96% of owners to put risk management strategies or practices in place.
Even with their concerns about technology, 81% of business owners are looking to maintain or even increase their investments in artificial intelligence this year, and half of those are looking to the technology to bolster their IT capabilities.
Meanwhile, business owners also see risks associated with deploying technology, with 37% concerned about exposing sensitive information and 35% about regulatory risks. Thirty-five percent said they fear tech may make their work obsolete.
