Toronto, Canada (CU)_ The Canadian Federation of Independent Business (CFIB) stated in its July Business Barometer that insurance has evolved as a high operating cost issue for small businesses in Canada, with seven out of ten stating that their premiums have increased from the beginning of this year. According to the CFIB, these charges are posing a new barrier to small business recovery during a time when enterprises are already under a difficult financial status.
Jasmin Guenette, vice-president of national affairs, CFIB, noted the need for affordable insurance to small businesses. He said, “Small businesses are often required to have insurance, but it has become increasingly difficult and costly for them to get coverage. CFIB has observed an increase in business concerns with commercial insurance costs since mid-2019, but many firms are now reporting that their rates are going up steeply, that they can’t find an insurer at a reasonable price, or even at all”.
According to the CFIB, insurance is a major…
