Key Takeaways
- Average claims frequency for small business general liability was 1.2 per 100 policies in 2022
- Cyber claims for small businesses averaged $25,000 per incident in 2023
- 43% of small business insurance claims are property damage related
- 70% of small businesses with employees have workers' comp coverage
- General liability insurance is held by 74% of small businesses with revenue under $1M
- Only 36% of small businesses have cyber liability insurance despite 43% experiencing breaches
- The U.S. small business insurance market reached a value of $45.2 billion in premiums written in 2022
- Small business insurance premiums grew by 7.8% annually from 2018 to 2023
- There are approximately 33 million small businesses in the U.S., with 55% carrying general liability insurance
- Average annual premium for general liability insurance for small businesses is $500-$1,000
- Workers' compensation premiums average $45 per $1,000 of payroll for low-risk small businesses
- Cyber insurance premiums rose 21% to average $1,800 annually for small firms in 2023
- 60% of small business owners cite rising premiums as top concern for 2024
- Cyber threats are the #1 emerging risk for 78% of small businesses in 2023 surveys
- 52% of small businesses plan to increase coverage for climate-related risks by 2025
In 2022 to 2023, frequent property and cyber risks left small firms paying thousands per claim.
Claims & Payouts
Claims & Payouts Interpretation
Coverage Adoption
Coverage Adoption Interpretation
Market Size & Growth
Market Size & Growth Interpretation
Trends & Risks
Trends & Risks Interpretation
How We Rate Confidence
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
Marcus Afolabi. (2026, February 13). Small Business Insurance Statistics. Gitnux. https://gitnux.org/small-business-insurance-statistics
Marcus Afolabi. "Small Business Insurance Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/small-business-insurance-statistics.
Marcus Afolabi. 2026. "Small Business Insurance Statistics." Gitnux. https://gitnux.org/small-business-insurance-statistics.
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