A Wall Street Journal article highlights the significant insurance cost increases small businesses are facing, leading to difficult cutbacks and decisions to remain operational. Click here for article.
Forty-two percent of small businesses reported insurance cost increases of 10% or more, with some facing spikes of up to 25%, forcing tough decisions like changing carriers or limiting new hires.
Rising healthcare costs are especially burdensome for small businesses with fewer employees, as they struggle to negotiate favorable insurance premiums.
Small business owners are caught between the need to offer competitive benefits to attract talent and the financial strain of rising insurance costs.
The article also cites steep proposed rate hikes from insurers like Blue Cross and Blue Shield of Rhode Island, which could further impact small businesses and individuals.
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