Recovering economy underlines importance of business insurance

Running your own business is hardly easy, which is why it is important to have the right protections in place to ensure that when the unexpected does happen, you have less to worry about. With recent research showing that a recovering economy is troublesome to small business owners, not worrying about an insurance policy can be reassuring.

According to the the March NFIB Index of Small Business Optimism, sales expectations dropped, along with owners' plans for investing in inventory and labor market indicators. It is especially discouraging, explained NFIB chief economist Bill Dunkelberg, as those companies produce half the private GDP and employ half the private sector workforce.

Not being able to hire, grow and expand their organizations like they desire, is making small business owners uncertain and in turn, slowing down the economy.

NFIB spokesperson Cynthia Magnuson explained to Fox Business that while small business owners were negatively impacted by the recession, the current top concern is taxes, followed by regulations and red tape.

"They were very concerned about the fiscal cliff, which had an impact on their level of certainty, and the health care law continues to concern them," Magnuson said. "It reinforces the idea that the small business economy isn't coming back."

She added that 77 percent of the entrepreneurs surveyed said conditions will be the same or worse in half a year. However, the average employment for small businesses increased by 0.19 percent in March.

While business insurance will not guarantee that a company will never have financial difficulties, or experience trouble expanding into new markets, the right policy can ease some of the burdens on owners by giving them one less thing to worry about. When you know that your commercial insurance policy is up-to-date and comprehensive, more attention can be paid to other areas.

 

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