September 8th, 2020 – A new study by the National Federation of Independent Business (NFIB) shows that health insurance costs are the number one concern for the small business owners surveyed in NFIB’s most recent Small Business Problems & Priorities study.
The study stated that the “cost of health insurance” has been the number one concern for the small business owners surveyed for the last 29 years. 51% of of the 2,552 business owners surveyed in the 2020 study considered the cost of small business health insurance to be a “critical” concern. The percentage of small business owners surveyed who offered health insurance declined from 41% in 2009 to 30% in 2020.
The survey listed 75 business problems organized into 46 sub-categories and health insurance costs, retaining good employees and federal business taxes all topped the list.
“Although the government shutdowns and coronavirus pandemic have fundamentally shaken the small business economy, we know that even during historic small business expansions, owners consistently face many of the same problems,” said NFIB President Brad Close. “As small business goes, so goes the economy. While small businesses were setting records for growth, job creation, and optimism, healthcare costs, and government regulations were constant pain points.”