Economic and labor pressures are heightening the insurance confidence gap for owners during a time when tailored insurance coverage could help alleviate concerns, according to the survey, with 92% of small business owners reporting they have insurance and only 13% saying they feel fully prepared for risk.

At the same time, just 14% of small business owners have insurance customized for their specific business needs while 69% struggle to understand coverage, limits and policies.

Other key takeaways…

• Reduced consumer spending: 43% of respondents expressed anxiety over decreased consumer spending, reflecting ongoing demand uncertainty.
• Challenges for new entrepreneurs: Rising costs of goods and services (47%), changes in tax policies (37%), and workforce shortages (34%) are perceived as significant barriers to starting new businesses.

Meanwhile, nearly half of employee injuries at small businesses over the last year were preventable.

Seventy-five percent of small businesses reported incidents, with 49% admitting to improvising safety measures due to a lack of proper equipment and more than 30% reporting over $20,000 on injury-related costs.

"Workplace safety isn’t just about preventing physical injuries; it’s essential to both employee well-being and a business’s long-term success,” said Carla Woodard, senior vice president of claims at Pie Insurance.

“Safety isn’t just a compliance checkbox; it’s a competitive advantage,” she added. “Businesses that invest in proactive safety measures, from basic accident prevention protocols and mental health support to AI-driven solutions, are not only protecting their teams but can also reduce costs and strengthen operations.”