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The worst thing about economic recessions is that they’re unpredictable.
By the end of August 2020, nearly 100,000 businesses found on Yelp permanently closed up shop due to the COVID-19 pandemic. As cases increased and restrictions became more stringent all over the country and around the world, what followed was an untimely recession no business was prepared for.
The hallmarks of an economic recession include an increase in unemployment, a decrease in income, and a slump in consumer spending. It has a trickle-down effect that can financially hurt anyone indirectly, but small businesses are typically the ones hit hardest during a credit crunch. When consumers cut back on spending to compensate for layoffs, pay cuts, or furloughs resulting from a recession, a business’s revenue stream narrows as the current also slows down.
Large-scale businesses can manage to cushion the downturn because they have deeper cash reserves and financial leverage to borrow money from banks (although paying off these debts is an entirely different story). On the other hand, small businesses often have neither the leverage nor funds to sustain themselves to bear the brunt of an economic decline.
How Business Insurance Protects Your Assets CoverWallet
your company assets from risk and unforeseen liabilities to avoid incurring unnecessary losses in the midst of a downturn. Choose the insurance for your business with CoverWallet – a leading provider of risk solutions for small to medium enterprises (SMEs).
CoverWallet makes it easy for small businesses to choose the right insurance fit for their size and industry in mere minutes to get you back to managing your business and serving your customers. General Liability Insurance, Property Insurance, Workers’ Compensation Insurance, and Business Interruption Insurance are just some of the essential coverages any business needs to thrive and survive in any economy. If you need further assistance, their CoverWallet consultants can help you narrow down your options.