Small Business Owners Trust Independent Insurance Agents and Commercial Insurance Carriers Significantly More Than Other Financial Services Businesses

WORCESTER, Mass., Nov. 10, 2011 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG), a leading provider of property and casualty insurance products nationwide, today announced the results of a new survey that demonstrates small business owners trust independent insurance agents and commercial insurance carriers significantly more than other financial services businesses.

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The study was commissioned by The Hanover as part of a broader effort to stay appraised of the evolving needs of small businesses and to build upon its expertise in that area.  These efforts are intended to help ensure that it offers small businesses the most valuable and innovative products and services for today's current economic environment.

The finding that independent agents and carriers are perceived as having a higher level of trust is important, especially as it comes in a time when trust and confidence in the financial services industry are at an all-time low, as witnessed by thousands of protesters hosting "Occupy Wall Street" events across the country to force change within the financial system.

In fact, the survey found trust to be the single most important consideration when choosing an insurance provider, with 86 percent of small business owners rating trust "very important."   This study underscores that in these times, trust is a very important attribute for small business owners when they are selecting a business insurance provider.

"In a time of considerable economic uncertainty, small business owners want to know they are working with an agent and a carrier they can count on. This study confirms what we at Hanover have always believed - that it's critical for companies to establish and maintain trust and confidence of those they serve," said Michael Keane, president, small commercial. 

The study also uncovered that small business owners actually have the highest level of trust in Independent Agents, compared with all the other financial services industries in the survey.  In fact, the majority of small business owners reported that they consider Independent Agents as being trustworthy.

"The trust that small business owners place in Independent Agents, underscores Hanover's strategy of partnering closely to distribute our unique portfolio of small business products and services through a selective group of professional Independent Agents," says Keane.   He added, "For nearly 160 years, we have been delivering on our promises to our agent partners and their customers -- so that they can trust that we will be there for them when it matters most. That commitment stands today and will continue tomorrow."

About the Study

This study was conducted by The Pert Group, a third-party independent consulting and research firm with broad experience in financial services industries. Results for this survey are based on online interviews conducted September 14-23, 2011, among 501 small business owners with less than 30 employees.

About The Hanover

The Hanover Insurance Group, Inc. (NYSE: THG), based in Worcester, Mass., is the holding company for a group of insurers that includes The Hanover Insurance Company, also based in Worcester, Citizens Insurance Company of America, headquartered in Howell, Michigan and Chaucer Holdings PLC, based in London, and their affiliates. The Hanover offers a wide range of property and casualty products and services to businesses, individuals, and families through a select group of agents and brokers.

The Hanover offers a total solution for small businesses includes the company's business owner's policy (BOP), which offers coverage for more than 500 classes of business and access to unique broadening endorsements. The company's BOP is available through a "point-of-sale" system that enables its agent partners to qualify, quote and issue BOP, commercial auto, umbrella and workers' compensation policies quickly and efficiently.

The company is ranked among the top 25 property and casualty insurers in the United States and has been meeting its obligations to its agent partners and their customers for nearly 160 years.  Through Chaucer, the company also underwrites business at Lloyds in all major insurance and reinsurance classes, balancing global marine, energy, non-marine and aviation with U.K. motor and nuclear. For more information, please visit www.hanover.com.

SOURCE The Hanover Insurance Group, Inc.