Small Business Owners Consider Cutting Back on Insurance
Small business owners are grappling with economic uncertainty going into 2023 and are looking at controlling their expenses as a result. This includes insurance costs, which could impact the restoration industry.
According to the Agency Forward survey from Nationwide, 84% of small business owners say they have reviewed or plan to review their insurance policies soon. As they look to reduce operational costs, 51% of business owners say they would be likely to decrease their business's current insurance coverage or limits to cut back on spending if a recession occurs. This may be because 52% expect their premiums to increase over the next six months.