CHICAGO, Dec. 15, 2016 /PRNewswire/ -- Insureon, the nation's leading online agency for small business insurance, today released its 2017 Small Business Outlook, a survey of more than 1,000 small-business owners. Published by Insureon's Small Business Institute (ISBI), the survey found that 82 percent of small-business owners are planning growth in 2017 – a strong sign for overall economic health heading into a new year.
Despite overall positive findings, the survey did uncover a disparity in plans for growth between men- and women-owned businesses. Among women owners, a quarter have no growth plans. At men-owned businesses, the figure is just 11 percent.
Broadly, respondents are planning the following for 2017:
- 58 percent: buying new equipment or furniture;
- 34 percent: selling a new product;
- 33 percent: hiring an employee;
- 30 percent: offering a new service;
- 23 percent: moving to a new location.
"The ISBI is dedicated to raising awareness about issues and trends that affect the most important part of the U.S. economy – small businesses building a future for their families," said Ted Devine, Insureon's CEO. "It's encouraging to see that, post-election, the majority of these leaders are optimistic and have growth plans for 2017."
Conducted the week of November 13, the survey's findings serve as a barometer of small-business owner optimism and plans for the future.
"The nation's smallest businesses have always been a key economic driver," Devine added. "They're responsible for creating 63 percent of new jobs in the private sector. That this group is poised for expansion is a good sign."
He also noted that with growth comes increased risk exposure, and that small businesses should update their risk management protocol, including insurance policies, as they expand.
The full survey and analysis are available here: http://www.insureon.com/resources/research/2017-predictions.
A leading player in the insuretech space, Insureon leverages its unique online application to both serve retail clients directly and support the leading top-five banks, brokerages, and insurance companies in delivering their small commercial business. It places more than $300 million in premium annually.
About the Small Business Institute
Launched in 2013 to provide nonpartisan research to educate and advocate for the country's smallest businesses, the ISBI provides a look at the numbers behind this key driver of the overall economy.