{"id":37740,"date":"2023-08-14T14:14:27","date_gmt":"2023-08-14T17:14:27","guid":{"rendered":"https:\/\/thelaker.ca\/?p=37740"},"modified":"2023-08-14T14:14:27","modified_gmt":"2023-08-14T17:14:27","slug":"new-survey-finds-small-businesses-feeling-surprisingly-secure","status":"publish","type":"post","link":"https:\/\/staging-z.thelaker.ca\/?p=37740","title":{"rendered":"New survey finds small businesses feeling &#8216;surprisingly&#8217; secure"},"content":{"rendered":"\n<p>[adrotate banner=&#8221;169&#8243;]<\/p>\n\n\n\n<p>[adrotate banner=&#8221;126&#8243;]<\/p>\n\n\n\n<p><strong>From a release from ZenSurance<\/strong><\/p>\n\n\n\n<p><strong>TORONTO, ONT.:<\/strong> After weathering the COVID-19 pandemic, soaring interest rates and a perceived recession, a new national survey commissioned by <a href=\"https:\/\/pointmannc.us19.list-manage.com\/track\/click?u=ad0e2a738f885c3ee226fecd7&amp;id=46a674349c&amp;e=633e01046b\" target=\"_blank\" rel=\"noreferrer noopener\">Zensurance<\/a>, Canada&#8217;s leading source for small business insurance, and conducted among small business owners who are <strong>members of the Angus Reid Forum <\/strong>has uncovered unexpected optimism.<br \/>\u00a0<br \/>The study by Zensurance was designed to give a pulse check of how confident Canadian small business owners, self-employed professionals, and entrepreneurs are feeling heading into the second half of 2023.<br \/>\u00a0<br \/><strong>Key Findings of the Survey:<\/strong><br \/>\u00a0<br \/><strong>Positively Speaking<\/strong><br \/><br \/><em>All business owners<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>71% <\/strong>of Canadian small business owners and self-employed professionals are confident their businesses will be successful in the second half of 2023.<\/li>\n<\/ul>\n\n\n\n<p><em>Business owners without business insurance<\/em> (*Based on a sample of n=27)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>*48%<\/strong> of business owners are so positive that <strong><em>\u2018they don\u2019t believe there is a potential for an expensive loss or damage to their business.\u2019<\/em><\/strong><em>*<\/em><\/li>\n\n\n\n<li><strong>*22%<\/strong> admit that they \u2018would not know what to do\u2019 if they had to pay for expensive damages or losses.<\/li>\n\n\n\n<li>Only *<strong>19%<\/strong> say they have an adequate amount of money saved to cover expenses.<\/li>\n\n\n\n<li><strong>*11%<\/strong> say they\u2019d declare bankruptcy.<\/li>\n<\/ul>\n\n\n\n<p><strong>ADVERTISEMENT:<\/strong><\/p>\n\n\n\n<p>[adrotate banner=&#8221;148&#8243;]<\/p>\n\n\n\n<p>[adrotate banner=&#8221;31&#8243;]<\/p>\n\n\n\n<p><strong>Isn\u2019t It Ironic?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>That unbridled confidence stands in stark contrast to <strong>60%<\/strong> of business owners who say the state of the economy has \u2018had a negative impact on them\u2019 in the first half of the year.<\/li>\n<\/ul>\n\n\n\n<p><strong>Inflation Is Deflating Business Owners<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>89% of Canadian business owners identify inflation as their No. 1 concern,<\/strong> followed by rising interest rates <strong>(80%),<\/strong> the need to increase their prices <strong>(80%)<\/strong>, and the cost of gasoline <strong>(78%).<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Negatively Speaking<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>*24%<\/strong> of Ontario respondents say the current economic effects on their businesses are significantly negative, as do <strong>12%<\/strong> in British Columbia and <strong>10%<\/strong> in Alberta.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>&#8220;Our latest survey results clearly show that Canadian small businesses are grappling with managing their costs in a challenging economy, but it also shows they are optimistic, resilient, forward-looking business owners,&#8221; said Danish Yusuf, Founder and CEO of Zensurance. &#8220;It\u2019s critical to understand that the financial health and wellness of any business owner\u2019s or self-employed professional\u2019s business is contingent on safeguarding themselves against the myriad of liability risks they face.\u201d<\/p>\n\n\n\n<p><strong>ADVERTISEMENT:<\/strong><\/p>\n\n\n\n<p>[adrotate banner=&#8221;34&#8243;]<\/p>\n\n\n\n<p>[adrotate banner=&#8221;71&#8243;]<br \/>\u00a0<br \/><strong>Small Businesses Are Thinking Positively (but Planning for Chaos)<\/strong><br \/><br \/>In a surprising juxtaposition, the survey also finds small business owners recognize the value of being proactive in preventing costly accidents. <strong>63%<\/strong> cite \u2018mitigating their liability risks\u2019 as a top concern, while only <strong>37%<\/strong> do not.<br \/>\u00a0<br \/><strong>Ready to Rumble<\/strong><br \/>\u00a0<br \/>The top risk mitigation efforts business owners proactively take include having a first-aid kit on hand <strong>(83%), <\/strong>routinely conducting necessary maintenance to tools and equipment <strong>(79%)<\/strong> and maintenance to their commercial properties <strong>(74%)<\/strong>.<br \/>\u00a0<br \/><strong>\u2018Insuring\u2019 Success<\/strong><br \/>\u00a0<br \/>Canadian small business owners were also asked their real views on business insurance. Most respondents said they are insured <strong>(87%)<\/strong>, while only <strong>13%<\/strong> said they do not have business insurance.<\/p>\n\n\n\n<p><strong>ADVERTISEMENT:<\/strong><\/p>\n\n\n\n<p>[adrotate banner=&#8221;194&#8243;]<\/p>\n\n\n\n<p>[adrotate banner=&#8221;92&#8243;]\u00a0<br \/>Among those who do not have insurance, we asked why:<br \/>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most <strong>(*48%)<\/strong> say they don\u2019t think they need it.<\/li>\n\n\n\n<li><strong>*30%<\/strong> don\u2019t because they have personal home and auto insurance.<\/li>\n\n\n\n<li><strong>*19% <\/strong>say they haven\u2019t thought about it or because it costs too much.<\/li>\n\n\n\n<li>Another *<strong>7%<\/strong> claim it takes too long to get insured; they don\u2019t trust insurance companies or say insurers don\u2019t pay claims.<\/li>\n\n\n\n<li>\u201cSome small business owners\u2019 perspectives on why they don\u2019t have a business insurance policy are concerning. No small business or independent professional is immune to the threat of a lawsuit or an expensive accident,\u201d added Yusuf. \u201cThey may not be aware of the risks they are taking that could prove to be financially catastrophic to them. <\/li>\n\n\n\n<li>&#8220;For example, the cost of a lawsuit \u2013 even a frivolous one \u2013 or an unexpected event like a fire damaging or destroying a business property and all your inventory far exceeds the price of a commercial insurance policy by as much as 200% or more.\u201d<\/li>\n<\/ul>\n\n\n\n<p><strong>ADVERTISEMENT:<\/strong><\/p>\n\n\n\n<p>[adrotate banner=&#8221;192&#8243;]<\/p>\n\n\n\n<p>[adrotate group=&#8221;6&#8243;]<br \/>\u00a0<br \/><strong>Bonus Business Owner Insights:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most business owners compare rates \u2013 <strong>46%<\/strong> say they shop around for insurance annually, <strong>22%<\/strong> do every few years, <strong>8%<\/strong> never do, and <strong>5%<\/strong> do only when their businesses have changed.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For business owners who buy insurance, the cost of a policy ranks as the most important factor (<strong>28%<\/strong>) when making a purchasing decision, <strong>16% <\/strong>highlight a customized policy to suit their specific needs, and <strong>13%<\/strong> highlight a customized policy to suit their specific needs.<br \/>&nbsp;<\/li>\n\n\n\n<li>Another <strong>12%<\/strong> state protecting their finances and reputation as the top factor, and <strong>9%<\/strong> said getting insured quickly and easily is.<\/li>\n\n\n\n<li>Most business owners with insurance (<strong>51%<\/strong>) say it is a legal or regulatory requirement for their profession or industry.<\/li>\n\n\n\n<li>Another <strong>24%<\/strong> cite an insurance broker\u2019s influence, <strong>21% <\/strong>did so because of advice from a mentor, and <strong>15%<\/strong> say they were encouraged by family, friends, or colleagues.<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<br \/>More details on the <a href=\"https:\/\/pointmannc.us19.list-manage.com\/track\/click?u=ad0e2a738f885c3ee226fecd7&amp;id=937cc0e5d5&amp;e=633e01046b\" target=\"_blank\" rel=\"noreferrer noopener\">new national survey<\/a> <a href=\"https:\/\/pointmannc.us19.list-manage.com\/track\/click?u=ad0e2a738f885c3ee226fecd7&amp;id=49d127c75a&amp;e=633e01046b\" target=\"_blank\" rel=\"noreferrer noopener\">are here<\/a>.<br \/><br \/><br \/>To support the Canadian small business community, Zensurance is giving away a $10,000 grant to one lucky entrepreneur or small business owner to help them grow their small business or startup.<\/p>\n\n\n\n<p><a href=\"https:\/\/pointmannc.us19.list-manage.com\/track\/click?u=ad0e2a738f885c3ee226fecd7&amp;id=d715ac4ee8&amp;e=633e01046b\" target=\"_blank\" rel=\"noreferrer noopener\">The application window opens August 14, 2023<\/a>.<\/p>\n\n\n\n<p>[adrotate banner=&#8221;127&#8243;]<\/p>\n\n\n\n<p>[adrotate banner=&#8221;105&#8243;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[adrotate banner=&#8221;169&#8243;] [adrotate banner=&#8221;126&#8243;] From a release from ZenSurance TORONTO, ONT.: After weathering the COVID-19 pandemic, soaring interest rates and a perceived recession, a new national survey commissioned by Zensurance, Canada&#8217;s leading source for small business insurance, and conducted among small business owners who are members of the Angus Reid Forum has uncovered unexpected optimism.\u00a0The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":37741,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,957],"tags":[5265,5266,2162,5267],"class_list":["post-37740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news","tag-business-survey","tag-n-s-canada","tag-small-businesses","tag-zensurance"],"_links":{"self":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts\/37740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37740"}],"version-history":[{"count":0,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts\/37740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}