A survey by the Nationwide insurance company found that Millennial (that’s ages 18 to 35) business owners are better prepared for risks than earlier generations, good news for the insurance industry — and for employees at Millennial-owned businesses.
According to the survey:
- 51% have a disaster recovery plan in place for the business
- 84% offer employees some or all of the standard benefits: retirement, workers comp, medical, etc.
- 42% have a written plan in case of cyberattack
- 61% have a plan for business succession
All these numbers far outpace the rates for Gen X and Baby Boomers.
“If you think about the risks many Millennials have experienced and grown up with — everything from cyberattacks to an economic meltdown — it makes sense that they would be some of the most concerned individuals out there,” Mark Berven, president of Nationwide Property & Casualty, is quoted as saying in the survey announcement. “They want to protect what matters most to them — their business.”
Related: Millennial Small Business Owners Commit to the Long-Term