While most U.S. small businesses worry about the onerous impact of tax regulations and rising health care costs, fewer than half have a continuity plan in the event of a natural or man-made disaster, a Travelers Co. white paper shows.
Travelers Institute — the Washington D.C. public-policy arm of the New York property-casualty insurer with operations in Hartford — said its small-business survey found two out of three cited tax compliance as their biggest business concern. Fifty-one percent said health care was their biggest worry.
When asked about disaster planning, more than half of all small business owners surveyed indicated that they do not have a business continuity plan, raising an alarm for small business preparedness in light of last winter’s disruptions, recent devastating tornadoes and the global impact of Japan’s earthquake-tsunami.
Travelers said its study findings suggests the course for the nation’s public-policy discussions to help small business navigate those surging waters.
The majority of those surveyed, Travelers said, feel that the economy will improve over the next year. Owners of startup businesses are especially optimistic that the national economy and fiscal situation will be better a year from now than it is today.
While the survey reveals that small business owners may believe their revenue will grow and that they will be hiring new employees over the next year, close to a third feel government regulations are negatively impacting their ability to hire and retain employees, as well as grow their businesses.
