The U.S. Department of Labor released its latest jobs report numbers, with the nation's unemployment rate rising to 7.6 percent in May. Overall, 175,000 new positions were added and 420,000 Americans joined the workforce.
As a small to medium-sized business owner, you might wonder how this could affect your company. This blog has previously discussed the importance of smaller firms when it comes to the overall economy. More individuals seeking out employment is good news for the nation, and it could soon mean that consumer confidence has returned as well. With that in mind, business owners must prepare their organization on every level.
Even niche companies require at least a general business insurance policy. Everything from severe weather to vandalism can affect a business. It might vary between states, but working with commercial insurance specialists who understand your area can be greatly beneficial.
For example, the jobs report said that restaurants and bars added 38,000 jobs, retail tacked on 28,000 new positions and construction added 7,000 jobs. The construction industry was hit especially hard when the housing market fell, so smaller firms could soon see their own recovery.
When the sector in which your business lies begins to grow, you might consider yourself to be protected. With more money coming in, that can be combined with what you have saved, you are sure to be able to recover from any situation, right? In fact, this will hardly be the case.
Rebuilding can take time, and days when products or services are not sold is additional money lost. This is why having a comprehensive policy - or set of policies - is a necessity for small to medium-sized business owners.