SAN FRANCISCO--(BUSINESS WIRE)--
The Travelers
Institute, the public policy division of The Travelers Companies,
Inc. (NYSE: TRV),
today announced the results of its California small business survey,
in which more than two out of three Bay Area entrepreneurs, policy
makers and community leaders surveyed feel that small business is more
heavily impacted by government regulation than their larger
counterparts. The results were revealed at the Travelers Institute’s
“Small Business, Big Opportunity” symposium, which convened San
Francisco small business leaders at the historic Merchants Exchange
Building, an emblem of the city’s economic significance, to identify
solutions to business challenges.
At the event, panelists discussed detailed survey findings in which
employee benefit matters (61 percent) and cash flow (60 percent) were
cited as the top challenges facing small businesses in California.
Participants also discussed the Travelers Institute’s white
paper, which advocates for greater awareness of small business
issues through legislative action to reduce regulatory burdens and
offers tips for business continuity and risk management planning.
"Travelers is committed to helping small businesses succeed and
influencing public policy leaders to improve the business environment,"
said Joan Woodward, Travelers Executive Vice President of Public Policy,
who also heads the Travelers Institute. "Small businesses are the
backbone of our economy, and we understand it is essential to have state
and federal policies that encourage entrepreneurship and fuel job
creation in San Francisco and across the country.”
In addition to Woodward, who moderated the panel, program participants
included several high-profile San Francisco small business leaders
including:
- Christine Baker, Acting Director, California Department of Industrial
Relations
- Elizabeth Echols, Regional Administrator, U.S. Small Business
Administration
- Regina Dick Endrizzi, Director, San Francisco Office of Small Business
- Scott Hauge, President, Small Business California
- Al Nelson, Regional Vice President, Small Commercial – California
Region, Travelers
“Businesses, especially small ones, need encouragement to expand and
create jobs, ultimately stimulating the local economy. This requires
appropriate access to both resources and capital, and limiting
burdensome regulations that stifle growth,” said Scott Hauge, an
insurance executive who also runs the entrepreneurial advocacy group
Small Business California, which co-hosted the event. “Through its
series of small business symposia, the Travelers Institute highlights
many of the very obstacles facing entrepreneurs in San Francisco, and we
are proud to partner with them to address and solve these challenges.”
At the symposium, panelists discussed the issues of disaster
preparedness and business continuity planning as critical to business
success. The American Red Cross has data that shows as many as 40
percent of small businesses do not reopen after a disaster, and
according to a national Travelers Institute survey conducted in March,
more than half of all small business owners surveyed do not have a
business continuity plan.*
”As one of the largest insurers of small businesses in the country, we
strongly advocate for business continuity planning and risk management,”
said Al Nelson, Travelers Regional Vice President of Small Commercial.
“We’ve seen firsthand what can happen when entrepreneurs aren’t prepared
for disaster.” Nelson added that many business owners consider business
continuity planning a competitive advantage, recognizing that an
entrepreneur’s reputation and livelihood are at stake if they can’t meet
the needs of their customers.
The key findings of the Travelers Institute California survey discussed
at the symposium include:
-
71 percent of respondents feel the national, state and local economies
are in poor condition. The majority feel it will be the same or worse
next year. There is more pessimism among small business owners in
California regarding the economy compared to the national sentiment
overall, based on a similar national survey conducted by the Travelers
Institute.
-
Employee benefit matters (61 percent) and cash flow (60 percent) are
cited as the top business challenges facing small businesses in
California.
-
51 percent cite state/local regulation and 35 percent cite federal
regulation as business challenges.
-
50 percent say employment regulations are the most difficult to comply
with, followed by health insurance mandates (47 percent).
-
The majority (65 percent) feel that small business is more heavily
impacted by government regulation than big business.
-
More than 4-in-10 feel that government regulation negatively impacts
the ability of small businesses to hire new employees and grow
business.
Methodology: The survey polled 129 Travelers Institute symposium
attendees in conjunction with Small Business California members. The
poll was conducted online from 9/20/2011 – 10/7/2011 and respondents
included a mix of business owners and principals from small sized firms,
as well as policy makers and community leaders in the San Francisco area.
The Travelers Institute has additional forums planned in select markets
throughout the remainder of the year to bring stakeholders together to
discuss ways to create better operating climates for small businesses.
For more information, visit www.travelersinstitute.com.
About the Travelers Institute
The Travelers Institute, the
public policy division of The Travelers Companies, Inc., engages in
discussion and analysis of public policy topics of importance to the
insurance marketplace and the financial services industry. The Travelers
Institute draws upon the industry expertise of Travelers' senior
management and the technical expertise of many of Travelers'
underwriters, risk managers and other experts to provide information and
analysis to public policy makers and regulators. Travelers is a leading
provider of property casualty insurance for auto,
home
and business.
For more information, visit www.travelers.com.
About Small Business California
Small Business California is
a proactive, non-partisan business advocate whose only agenda is the
well-being of California’s 3.2 million small businesses. Working for all
small businesses for a better business environment, SB-Cal is responsive
to the needs of small business owners.
* Based on data collected through a national Travelers Institutesurvey
of small business leaders conducted in early 2011.
The Travelers Companies, Inc.
Media Contact:
Ashley
Maagero ,860-277-2954
Source: The Travelers Companies, Inc.