Business Priorities

When surveyed, business owners indicated what their top financial priorities were. But, in reality the priorities did not always match the actual strategies that they had in place. Surprised? Here are the latest results

TOP 5 Priorities

  1. Protecting their business – Only 36% have business protection in place despite this being the #1 business priority for the last 10 years of the survey.
  2. Protecting their income- In the past three years we have seen the % increase from 26% in 2015 with income protection to almost 35% in 2018.
  3. Health and Wellness Solutions- Health Insurance and wellness benefits are still offered by more than 50% of all business owners.
  4. Group Benefits – In addition to health insurance, almost 2/3 (62%) of business owners offer additional group benefits like life insurance or DI.
  5. Qualified Retirement Plans – 52% offer some sort of qualified plan. Most see the importance of retirement focused benefits and the most popular plan offered is the 401(k) plan.

There are many reasons why the top priorities are not often met by business owners. Some of the common issues include lack of capital, too busy running the business or it’s just not at the top of their mind. Perhaps the biggest reason that the survey uncovered is that most business owners are not sure where to start. This is our opportunity. We can help them get started- all we have to do is ask.

About Jeffrey Berson

40 years in and around the industry has made Insurance a part of my DNA. I have had the pleasure of working with and for some of the greatest minds in our industry. My "Bersonal" View is an attempt to capture some of the best ideas, the best concepts and the best practices in a way that can lead to success for others. It will certainly be my point of view, so please...don't take it "Bersonal".
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