Gallagher’s survey found that extreme weather was business executives’ top concern, followed by cyber, supply chain and the US election.
According to a recent Gallagher survey, U.S. business owners are increasingly concerned about business risk in the current environment, with 80% worried their business insurance will not cover certain events or losses.
A survey of 1,000 business leaders highlights key concerns ranging from extreme weather to the US election.
Extreme weather is business leaders’ top concern, cited by 91% of respondents, followed by cyber attacks (69%), supply chain disruptions (68%) and the impact of the U.S. election results (63%), according to the survey.
Despite growing concerns about cyber attacks, Gallagher noted that only 32% of business owners surveyed have cyber insurance.
“The world is changing with unprecedented speed, and it seems like every day a new risk emerges as the next big thing,” said Chairman, President and CEO J. Patrick Gallagher Jr. “As we address these challenges head-on to help businesses of all sizes, it is critical that we constantly evaluate and evolve how we mitigate risk and protect what matters most.”
The survey also revealed that an overwhelming majority (81%) of executives plan to maintain or increase their investment in artificial intelligence in 2024, despite the potential risks associated with the technology.
Half of the companies investing in AI are looking to enhance their IT capabilities, while others want to use AI tools to improve marketing (42%) and sales (35%).
However, the survey found that concerns remain about AI, including the leakage of confidential information (37%), regulatory risks (35%) and job obsolescence (35%).
Interestingly, the survey found that small businesses with 1-50 employees (52%) are less interested in AI than larger businesses with 51-100 employees (87%), 101-500 employees (87%), 501-1,000 employees (93%), and 1,000+ employees (89%).
The survey also highlighted the importance of attracting and retaining talent in mitigating business risk.
Even though 80% of respondents experienced financial growth in the past year, 86% expressed concerns about their ability to attract and retain top talent.
“The heart and soul of an organization lies in its people, and it is their talent that drives the success of any business,” Gallagher says. “Attracting and retaining a dynamic, diverse workforce that shares your vision helps you build a skilled team and drive business growth.”
The survey found that the majority of business leaders (53%) said business issues keep them up at night more than personal issues, lower than the figure reported last year (58%).
Nearly everyone (98%) has some type of business insurance to protect their company. According to the survey, the most common type of insurance held is business owners’ insurance (47%), followed by property insurance (44%) and professional liability insurance (41%). In 2023, 84% of people with business-related insurance had a business-related claim in 2023.
For more information about the survey, visit Gallagher’s website &
