With health care reform already expected to hurt many of the nation’s small businesses, these companies can ill afford any more damaging legislation. However, corporate tax reform could be on the way, potentially leaving small businesses on the hook for some of the costs, according to the New York Times.
Should small businesses continue to feel the brunt of damaging legislation, owners of these companies would be wise to re-visit their small business insurance needs, as a single lawsuit could force them to close their doors in difficult times.
“We are in favor of comprehensive tax reform that includes both corporate and personal tax, but we are not happy with anything that raises the rate for us,” Chris Whitcomb, the tax counsel for the National Federation of Independent Business, told the Times.
Small businesses are already expected to be negatively impacted by health care reform, as the NFIB projects it could hurt employment. National private sector employment is expected to fall between 146,000 and 262,000 jobs, with nearly 60 percent coming from the small business sector.
In difficult times such as these, smaller companies need to ensure they have all the proper insurance coverage, such as liability insurance, as a single incident could lead to a disaster situation.