Research: Middle Market Business Owners Rely on their Insurance Agents
Nearly eight percent of middle market businesses in the United States are concerned about making it through the economic downturn caused by the COVID-19 pandemic, and they’re looking to their insurance agents for more support, according to new Agent Authority research from Nationwide.
The research uncovered a number of key themes for middle market business owners and commercial insurance agents. First and foremost, business owners are confident in their insurance agent’s ability to serve their protection needs, and they trust their agent’s advice. However, the results reveal that many middle market business owners struggle to understand the current coverage, thus presenting opportunities for agents to provide personalized attention and advice for clients.
“Middle market business owners really do rely on their agents for advice and education,” said Linda Stueber, vice president of Nationwide’s middle market commercial team. “Now more than ever, it’s vital for agents to help business owners fully understand the coverage they have in place, adapt to new or changing risks, and be proactive in addressing those risks or gaps.”