Canadian Underwriter

Small businesses cite insurance costs as top concern

June 30, 2003   by Canadian Underwriter

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A new study by the Canadian Federation of Independent Business (CFIB) shows its members see insurance costs as their top concern. Business confidence in the economy in the second quarter of 2003 dropped, with insurance costs heading up the list of factors, followed by SARS and Mad Cow Disease.
About 34% of small to mid-sized business owners cite insurance costs or lack of coverage as issues “significantly harmful” to their business. Another 41% say insurance costs are “slightly harmful” to their business.
“The long-running issue of insurance is causing the most harm to small firms and having the greatest business impact,” says CFIB chief economist, Ted Mallett. “Keep in mind that in addition to auto insurance premiums, there is significant damage being done on other types of business property and casualty insurance, including property, liability and business interruption.”

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