How Small Business Owners Buy Insurance

Part 1 of a joint primary research study by Majesco and Celent

Small businesses, defined as firms with fewer than 500 employees, make up a significant portion of the U.S. economy, contributing 43.5% of GDP and 39% of private sector payroll.  As they continue to be a vital part of the U.S. economy, understanding their insurance needs and purchasing behaviors is crucial for insurers aiming to serve this diverse and dynamic segment effectively.

This report, based on joint primary research with small businesses conducted by Celent and Majesco, provides a comprehensive look at the current trends, challenges, and opportunities in the small business insurance market.

The report examines the current characteristics of small businesses and their owners, how their insurance coverage needs and purchase preferences and practices have evolved over time, their satisfaction levels with their current insurance providers, and key areas where improvements are needed.

Read this report to gain valuable insights into the small business insurance market as well as strategic recommendations on how insurers can balance the development and adoption of digital capabilities with the strengths of traditional agent channels.