Tray Abney, the Nevada state director of the National Federation of Independent Business (NFIB), stated in an August 14 statement that rising costs, particularly in insurance, are putting a strain on the state’s small business owners.
“It’s no surprise that the cost of health insurance remains the number one issue for small business job creators, as it has become increasingly difficult to offer their hard-working team members the coverage that they need,” said Abney. “This means that elected officials at all levels should think twice before imposing costly mandates and other fees and regulations on our health care providers and payers. Add to that increased interest rates and everything being more expensive, from goods and labor to gas and electric bills, and you have the toughest environment that small business owners have experienced in a very long time.”
According to NFIB’s latest Small Business Problems & Priorities report, the top two concerns among small business owners are the cost of health insurance and the rising cost of supplies. The report indicated that 25% of surveyed small business owners reported inflation as their top concern in operating their businesses.
Rising car insurance costs are contributing to overall inflation, AP News reported. Even as cost increases for essentials like food and energy have slowed, car insurance costs continue to rise, straining drivers’ budgets.
Nevada currently has the fourth highest car insurance costs in the country, according to a report from Insurify. The report found that the average cost of car insurance rose by 14% during the first six months of this year, leaving Americans paying an average of $2,329 for full coverage car insurance. In Nevada, drivers pay $3,271 for full coverage car insurance, making it the fourth most expensive state in the country behind Maryland, South Carolina, and New York. By the end of 2024, Insurify projected that Nevadans will be paying $3,531 for their car insurance.
Abney became NFIB’s Nevada state director in January 2023. He is a partner at Abney Tauchen Group and previously spent ten years serving as director of government relations for the Reno/Sparks Chamber of Commerce.
