Some good news regarding the insurance industry’s reputation: Small-business owners trust independent insurance agents and commercial insurance carriers significantly more than banks, health care companies and stock brokers.
As part of a broader effort to stay appraised of the evolving needs of small businesses,
Trust was identified by respondents as the single most important consideration when choosing an insurance agent. Eighty-six percent of small business owners rated trust "very important." Competitive pricing, responsiveness and value were also rated important.
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 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," said Michael Keane, president, small commercial at The Hanover.