US business owners seek increased insurance protection amid mounting risks

Climate change and natural disaster-related risk are a major concern for 68% of US business owners, a survey found.
The Rabbit Fire burns in Riverside County, California, US, 15 July 2023 as seen in this screen grab taken from a timelapse video.

The Rabbit Fire burns in Riverside County, California, US, 15 July 2023 as seen in this screen grab taken from a timelapse video.

An overwhelming number of business owners in the US are looking to expand their insurance coverage amid risks ranging from climate change to cyberattacks, a study by global insurance brokerage Gallagher showed on Tuesday.

Around 83% of business owners said they were either actively looking for or are very likely to seek additional insurance policies.

Over the next 12 months, risks arising from climate change and natural disasters are a major concern for 68% of business owners, according to the study.

Severe storms and wildfires across parts of North America brought cities to a near standstill earlier this year, with US severe convective storm (SCS) insured losses exceeding $34 billion in the first six months of 2023, a July report by Gallagher Re, the reinsurance broker division of Gallagher, revealed.

“The devastation caused by natural disasters has heightened urgency for adequate protection,” CEO Patrick Gallagher told Reuters, adding that there is ongoing demand for insurance coverage to secure properties, homes, and businesses from potential damages and losses linked to these events.

He added that cyber insurance is also in focus, as businesses’ exposure to potential attacks increases, with the growing reliance on technology and digital infrastructure.

An overwhelming 74% of the respondents in the survey expressed extreme or very high concern about the impact of cyberattacks on their businesses.

Earlier this year, hackers took advantage of a previously undiscovered flaw in a popular file transfer program, MOVEit Transfer, to steal data from a wide swathe of organisations.

Up Next

With greenhouse gas reporting, sizable gaps persist

By Bryan Strickland
September 5, 2025
Large companies in the UK are making progress as more sustainability reporting requirements approach, but they could face significant challenges when seeking assistance from smaller companies in their supply chain.
Advertisement

LATEST STORIES

With greenhouse gas reporting, sizable gaps persist

Accountability: Inescapable, challenging, and valuable

US business outlook brightens somewhat despite trade, inflation concerns

Elevating productivity through strategic business partnering

Mark Koziel Q&A: Talent, sense of community, profession opportunities

Advertisement
Read the latest FM digital edition, exclusively for CIMA members and AICPA members who hold the CGMA designation.
Advertisement

Related Articles

Image of AI-generated woman's face.