Business insurance costs cited as Number 1 “major cost concern” in Newfoundland: CFIB survey

Newfoundland businesses cite insurance costs as Number 1 among their “major cost concerns” in a business barometer survey conducted by the Canadian Federation of Independent Business (CFIB).The survey canvassed the business optimism of 1,100 CFIB members across the country. Provincial results cite a list of 10 “major cost concerns” of provincial businesses, including tax/regulatory costs, insurance costs, fuel and energy costs, bank account and processing fees, wage costs and others. Respondents were asked to list their top concerns among those listed.Sixty-five per cent of Newfoundland businesses surveyed ranked insurance costs as a Number 1 major cost concern. Newfoundland is the only province in the survey where concerns about insurance costs ranked at the top of the list. Insurance costs ranked Number 5 in New Brunswick (44% of respondents reported it being a major concern); Number 3 in P.E.I. (58%); and Number 3 in Nova Scotia (47%).Only 38% of Quebec businesses surveyed said insurance was a major cost concern. In Ontario, on the other hand, the number shot up to 60%, with insurance ranking only below tax and regulatory costs as a major cost concern for businesses.Insurance costs ranked second in both B.C. (49%) and Alberta (57%) as a major cost concern. It ranked third in Manitoba (52%) and fell to a tie for fourth ranking in Saskatchewan (44%)