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

FEATURE
Today’s guest is Jack Smith of The American Insurance Group:
Jack’s email: [email protected]
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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This podcast is sponsored by SBS Accounting & Advisors. Use the promo code FLASH and get 20% off your set up fee! https://sbsaccountants.com/.
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