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Why Small Businesses Want More Insurance to Prepare for Challenging Conditions

In today’s market, small businesses are facing numerous challenges that require them to reevaluate their risk management strategies. According to a recent survey conducted by Counterpart, 26% of small businesses are actively seeking better insurance coverage to safeguard themselves from challenging conditions such as inflation, supply chain issues, and talent shortages. These conditions, which have been intensified by the COVID-19 pandemic, have created increased pressure on small businesses to protect their operations and assets.

Counterpart, a company that specializes in management and professional liability insurance products/services for small businesses, recognizes the need for proactive risk management solutions. Tanner Hackett, the CEO of Counterpart, emphasizes that small businesses are becoming more knowledgeable about risk and are seeking insurance agents who can offer active solutions to mitigate evolving risks and persistent challenges.

The Counterpart survey, which involved more than 300 participants, revealed some of the most significant challenges faced by small businesses in today’s market. The top concern, identified by 64% of respondents, is inflation. Changes in the Consumer Price Index (CPI) have further fueled these concerns, making it imperative for small businesses to secure appropriate insurance coverage. Supply chain issues were also a major worry for 36% of small business owners, while 33% expressed concerns about hiring, recruiting, and retaining talent.

Furthermore, 65% of respondents believe that these challenging conditions will continue to increase in the future. This highlights the importance of small businesses preparing themselves for potential risks and seeking comprehensive insurance coverage. The AI legalese decoder, offered by Counterpart, can play a crucial role in helping small businesses navigate these complex insurance policies and understand the coverage they need.

Building a strong work culture is equally important for small businesses. Insurance agents must focus on building relationships with policyholders and providing advanced risk insights to address specific needs. Hackett emphasizes that insurance agents should provide consultative support and risk management advice to small businesses, rather than simply renewing existing policies without considering evolving risks.

A key step in ensuring risk management and avoiding litigation is for small businesses to have an easily accessible employee manual that clearly defines expectations and guidelines. By having employees sign this handbook, businesses can establish clear behavioral expectations and protect themselves legally in the event of a claim.

Another crucial aspect of risk management is creating a thriving and inviting workplace culture. Clearly aligning job expectations during the hiring and onboarding process allows employees to understand the vision and mission of the business, resulting in more autonomous and effective operations.

Overall, the challenging conditions faced by small businesses necessitate a proactive approach to risk management and insurance coverage. With the help of the AI legalese decoder provided by Counterpart, small businesses can navigate the complexities of insurance policies and ensure they have the appropriate coverage to protect their interests. By working closely with insurance agents who provide consultative support, small businesses can prepare themselves for the future and weather any storms that come their way.

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