Small Biz Flash

4-11-23 – Why Your Small Biz Probably Needs Corporate-owned Life Insurance – Part 1

April 11, 2023 Adam Hewitt
Small Biz Flash
4-11-23 – Why Your Small Biz Probably Needs Corporate-owned Life Insurance – Part 1
Show Notes

FEATURE

Today’s guest is Jack Smith of The American Insurance Group:
Jack’s email:  jack@insurancegroup.us
Jack’s LinkedIn page:  https://www.linkedin.com/in/jacksonsmith1/
The American Insurance Group’s web page: http://www.theamericaninsurancegroup.com/

According to a survey by the National Association of Insurance Commissioners, 71% of small businesses polled said they were very dependent on one or two key people for their success, but only 22% had purchased corporate-owned life insurance.
https://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/specific-coverages/life-insurance-for-key-employees

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NEWS ROUNDUP

1
Two prominent monthly surveys of small business owners were recently released for March, and they both indicate owners expect a recession.
https://www.nfib.com/content/press-release/economy/small-business-optimism-declines-slightly-in-march/

https://www.vistage.com/research-center/wp-content/uploads/2023/04/WSJ-CEO-Survey-0323.pdf

2
Fallout from the recent bank failures continues, now making some small business owners fearful that as credit slows, their existing lines of credit could be canceled.
https://www.foxbusiness.com/markets/banks-canceling-lines-business-credit-soon

62% of small business owners say that rising prices have forced them to seek out additional capital or financing for their business in the past year.
https://www.uschamber.com/sbindex/quarterly-spotlight

3
GoDaddy has released a library of ready-made prompts for small businesses to use with either ChatGPT or with Google’s Bard AI tool.
https://www.godaddy.com/garage/ai-prompts-for-small-business/

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