A new national risk survey of American companies shows their top fears include medical costs, government regulations and computer and data security.
Travelers insurance company surveyed more than 1,100 business owners and executives and found that 48 percent agreed that the world is simply becoming a more dangerous place. Only one third said they find themselves in a “stable” economic environment.
“Surveyed business owners and executives report an uneasy sense that the world is growing riskier, and that the risks are more complex and more difficult to manage,” Travelers said.
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In fact, the larger the corporation, the more risks they perceived, according to the study.
On a scale of 0-10 with a 10 the most perilous, at larger companies the average risk rating was 5.8. Midsize businesses placed risk at 5.3, and smaller businesses rated it 4.4.
Owners and executives were asked to choose those risks that they felt presented the greatest threat to their businesses.
Travelers said topping the list of what U.S. businesses see as increasing risks were:
- 60 percent — Medical cost inflation
- 49 percent — Increased employee benefit costs
- 45 percent — Computer, technology, data concerns
- 43 percent — Broad economic unease
- 41 percent — Government regulations
- 42 percent — Legal liabilities
- 30 percent — Capital access, cash flow, other financial issues
- 30 percent — Staffing quality
Travelers said that while a majority of respondents were worried the most about medical costs, only 9 percent said they feel prepared to address the problem.
In the technology area, the business owners and executives specified fears of computer viruses, security breaches and data losses.
The survey respondents’ fretting about government regulations included Obamacare, according to Travelers.
“The ever-changing landscape of governmental mandates, including OSHA requirements, environmental laws, and taxes and immigration regulations, concern executives across industry groups,” Travelers said.
“Worry about new laws, including the Affordable Care Act, is reflected in the responses of companies across the spectrum. Up to 52% have a significant concern about understanding and complying with these new laws, and the constraints that come with them. As many as 58% have specific concerns with the Affordable Care Act itself.”
The National Federation of Independent Business (NFIB), in its latest monthly optimism survey of members, said economic progress is being made, but its readings are still below pre-2008 recession levels.
“Small business confidence rising is always a good thing, but it's tough to be excited by meager growth in an otherwise tepid economy,”
said NFIB chief economist Bill Dunkelberg.
“From the small business perspective there continues to be no progress on their top problems: cost of health insurance, uncertainty about economic conditions, energy costs, uncertainty about government actions, unreasonable regulation and red tape, and the tax code.”
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