A business insurance is a kind of general insurance which a company uses in the event of any damage to its assets. A business insurance always helps a business in maintaining its continuous operation. Many businesses do not opt for business insurance. The insurance packages differ depending on the type of business and location.
The global small business insurance market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 4.1%. The increasing number of small businesses is expected to propel the growth of the small business insurance market. However, improper knowledge about business owners, coupled with uncertainties involved in running a business, is expected to impede the growth of the market.
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On the basis of the insurance type, the market is categorized as general liability insurance, property insurance, worker’s compensation insurance, and other kinds of insurance. The general liability insurance plays an important role because it safeguards the business when a third party gets injured by products or services offered by the business and claims compensation for damages. The property insurance covers the damages of commercial properties, such as inventory, plant & machinery, and others. The worker’s compensation insurance covers the injuries of workers occurring due to the operations of the business.
On the basis of the organization size, the market has been segmented as small sized enterprises, medium sized enterprises, and large sized enterprises. The increasing number of SMEs will drive the small business insurance market for the long-run.
Geographically, North America is holding the highest share in the global small business insurance market, owing to the presence of major market players in this region. Countries like the US have streamlined reimbursement policies and this will stimulate the adoption of insurance policies in small businesses. The Asia-Pacific region is also growing at a higher rate due to the growing number of SMEs in this region.
The major players of the global small business insurance market are, Allianz (Germany), Liberty Mutual (USA), USAA (USA), AIG (USA), Allstate (USA), Westfield (USA), Marsh USA Inc. (USA), AXA (France), Liberty Mutual (USA), CPIC (China), amongst others.