A majority of U.S. business owners are worried about supply chain disruptions from President Donald Trump’s sweeping tariffs, a survey by insurance brokerage Gallagher showed on Tuesday.

The findings come as Trump’s tariff policies raise fears of renewed trade friction, posing risks of strained operations, higher costs and disrupted sourcing strategies for U.S. businesses across sectors.

The trade war has already cost companies more than $34 billion in lost sales and higher costs, a Reuters analysis of corporate disclosures, showed last week. Supply chain stability is critical for businesses to manage costs, meet customer demand on time, and maintain smooth operations without unexpected delays or inventory shortfalls.

“Our survey showed supply chain disruptions were a concern to business owners, with 90% reporting they are concerned about the impact of tariffs on their businesses,” Chairman and CEO J. Patrick Gallagher told Reuters.

“Global supply chains, strained by geopolitical conflicts and extreme weather events, remain vulnerable to disruptions,” he said, adding that owners are taking steps to ensure they are diversified and protected from potential impacts.

The backdrop of geopolitical tensions, climate-related disruptions, and rising cybersecurity threats has added to the uncertainty facing U.S. companies.

In the survey of 1,000 U.S. business owners, 72% said they are very concerned about cyberattacks over the next 12 months, while 69% cited supply chain disruptions and severe weather as top risks.

On top of that, nearly all U.S. business owners said they are at least somewhat concerned about the impact of AI on their business over the next 12 months, up from 85% a year earlier.

Among U.S. business owners with insurance coverage, nearly 87% made a claim in 2024. For most, each of those claims was $25,000 or more, but only some of those claims were covered by various policies, the Gallagher survey showed.

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A.J. Gallagher