With the economy continuing to show signs of improvement, U.S. households are beginning to feel more confident in their financial futures.
As a result, companies could begin to see additional business, potentially leading owners to re-evaluate their small business insurance needs.
According to The Harris Poll, 26 percent of Americans in May believe their financial conditions will improve in the next six months, up from the 20 percent who shared the same sentiment in April.
Meanwhile, the share of respondents who feel as though the economy is going to improve was up as well.
U.S. retailers have already begun to see the impact of improved sentiment, as sales unexpectedly increased in April, according to the Department of Commerce.
Retailers are one group that might want to re-evaluate their small business insurance needs to prepare for more customers. Running a retail store comes with liability risk because a customer falling and getting injured can lead to a significant lawsuit.
For this reason, owners of these businesses should make sure they have enough liability insurance to ensure a lawsuit won’t be a big financial hit.