NEXT Insurance Survey of Small Business: The Biggest Concerns — Inflation & Labor

To get an idea of what’s bothering small business, NEXT Insurance did a survey. The biggest stressor to 62% of those surveyed is inflation. It’s followed by 30% saying the biggest concern is labor shortages.

Chris Rhodes is the president and chief insurance officer at NEXT Insurance. He said 61% of start up business worry about the cost of goods and services.

“Small business owners are demonstrating remarkable resilience amid economic headwinds,” Rhodes said. “This data underscores the importance of providing accessible, tailored insurance solutions to help these businesses navigate their specific needs and protect their operations during times of market volatility and overall uncertainty.”

He noted 92% of small business owners have insurance but just 13% say they’re ready for risk. Here’s why. Just 14% have insurance that is tailored for their specific business needs and 69% say they’re confused about coverage, how its defined, coverage limits policies, and other insurance issues.

Here’s more from the survey:

• 43% worry about consumer spending dropping off
• 47% are concerned about the rising cost of goods and services
• 37% lose sleep over changes in tax policies
• 34% worry about shortages of workers

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