Small Business Insurance Customer Satisfaction Bounces Back after Two Years of Pandemic-Related Declines

A toxic combination of business disruption and economic uncertainty strained the relationship between small businesses and their commercial line insurers during the pandemic, causing customer satisfaction to decline beginning in 2020 for the first time in seven years. According to the J.D. Power 2022 U.S. Small Commercial Insurance Study,^SM released today, that trend has reversed, with overall small business customer satisfaction climbing 13 points (on a 1,000-point scale) to just 2 points lower than its pre-pandemic high.

“It’s noteworthy that we’re seeing increases in satisfaction across all factors—including price—at a time when 30% of small business customers have experienced an insurance premium increase,” said Stephen Crewdson, senior director of global insurance intelligence at J.D. Power. “That’s the highest proportion of customers experiencing price increases that we’ve seen in the past eight years. Insurers that notify their small business customers in advance of a price increase and proactively work with them to mitigate the financial effects of those premium increases are finding that it is possible to drive strong customer engagement and high levels of customer satisfaction even in a difficult economic environment.”

Read the full press release for key findings and brand rankings >