The study was commissioned by The Hanover as part of a broader effort to stay appraised of the evolving needs of small businesses and to build upon its expertise in that area. These efforts are intended to help ensure that it offers small businesses the most valuable and innovative products and services for today's current economic environment.
The finding that independent agents and carriers are perceived as having a higher level of trust is important, especially as it comes in a time when trust and confidence in the financial services industry are at an all-time low, as witnessed by thousands of protesters hosting "Occupy Wall Street" events across the country to force change within the financial system.
In fact, the survey found trust to be the single most important consideration when choosing an insurance provider, with 86 percent of small business owners rating trust "very important." This study underscores that in these times, trust is a very important attribute for small business owners when they are selecting a business insurance provider.
"In a time of considerable economic uncertainty, small business owners want to know they are working with an agent and a carrier they can count on.
This study confirms what we at Hanover have always believed - that it's critical for companies to establish and maintain trust and confidence of those they serve," said Michael Keane , president, small commercial.
The study also uncovered that small business owners actually have the highest level of trust in Independent Agents, compared with all the other financial services industries in the survey.
In fact, the majority of small business owners reported that they consider Independent Agents as being trustworthy.
"The trust that small business owners place in Independent Agents, underscores Hanover's strategy of partnering closely to distribute our unique portfolio of small business products and services through a selective group of professional Independent Agents," says Keane. He added, "For nearly 160 years, we have been delivering on our promises to our agent partners and their customers -- so that they can trust that we will be there for them when it matters most. That commitment stands today and will continue tomorrow."
About the Study
This study was conducted by The Pert Group, a third-party independent consulting and research firm with broad experience in financial services industries. Results for this survey are based on online interviews conducted September 14-23, 2011, among 501 small business owners with less than 30 employees.