Author: Swift, Larry D
Summary
This paper explored the insurance mechanism as it applies to small business, examining the amount and types of coverage, the underwriting (accepting or rejecting current or potential policy holders) practices and policies and the processes of determining the costs of insurance. It explores some of the underlying assumptions which can result in inadequate coverage, or excessive costs and discusses the potential consequences for inner-city businesses and their neighborhoods. Finally, the paper explores a range of research and strategy development efforts which, if undertaken, would help mitigate the insurance problems of small inner-city retailers. The Small Business Insurance Intervention Center, a partnership strategy involving small business representatives, insurance industry representatives, local government representatives, and the state insurance commissioner, is developed into a proposal form. It is recommended as an early step that can be taken to begin the process of solving inner-city small business insurance problems.
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Insurance Cost and Availability Problems for Small Inner-City Retailers
