Small Businesses Poised to Switch Insurance Carriers

April 4, 2000

An estimated 80 percent of small businesses would consider changing their property-casualty carrier unless they were completely satisfied with their business insurance according to a survey conducted by CustomerStance, a customer-focused research service for small business commercial insurance carriers.

The survey of 1,821 small businesses found that most small business insurance buyers will accept no less than the best from their providers. More than three of every four customers who are “completely satisfied” with their business insurance will definitely renew their coverage with their present carrier.

In contrast, only about one in every four “very satisfied” customer and only one of twenty “somewhat satisfied” customers will stay with the same carrier. This leaves roughly 75 percent of “very satisfied” customers and 95 percent of “somewhat satisfied” customers at risk of defecting to another provider.

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