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Agent expertise & guidance are vital as businesses seek cost savings

Discover the four questions to ask when working to manage insurance costs for commercial clients.

By Tony Fenton | July 27, 2023 at 12:39 AM
Roughly 30% of small- and medium-sized business owners have contacted their agents in the past six months to discuss their coverage. Another 18% of small and 27% of mid-market owners have asked their agents to requote their policy with a different carrier to find a better price or coverage. Credit: InputUX/Adobe Stock Roughly 30% of small- and medium-sized business owners have contacted their agents in the past six months to discuss their coverage. Another 18% of small and 27% of mid-market owners have asked their agents to requote their policy with a different carrier to find a better price or coverage. Credit: InputUX/Adobe Stock

Inflation appears to finally be cooling, but America’s business owners are still feeling the heat of high prices and rising interest rates. An Agency Forward survey from Nationwide revealed confidence in the U.S. economy among small and middle-market business owners has eroded over the past six months, culminating in fears of a recession on the horizon. Around 72% of those who expect a downturn believe it will be similar or worse than the Great Recession of 2007-2009.

Despite their negative outlook at a macro level, however, most small and middle-market business owners actually feel optimistic about the conditions for their own business as they manage uncertain circumstances. Still, controlling expenses is a priority — and many are looking at their commercial insurance policies to explore cost-cutting opportunities.

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