The Detroit News: Higher insurance premiums will hurt small businesses
If passed, Senate Bill 329 and House Bill 4681 will put Michigan’s small businesses at risk by potentially skyrocketing insurance premiums anywhere from 11% to 40%.
As an entrepreneur myself, I am alarmed by the potential cost increases associated with the bad faith insurance bills. Double digit increases would be a huge burden on small businesses and the customers we serve.
Small businesses, especially in the craft beverage and hospitality industry, are already struggling with the reduction in consumer spending and changing trends.
We do not have the ability to absorb higher insurance premiums as easily as large corporations. Cost increases for small businesses could mean reducing staff, trimming hours, or even permanently closing our doors. Michigan’s small businesses provide a plethora of benefits to local communities, employees, consumers, and our state’s economy at large. To help them thrive and flourish, lawmakers must oppose HB 4681 and SB 328 and stand with small businesses.
Ginny Sherrow
Owner
Fenton Winery & Brewery