Small businesses are driving job growth in the U.S. creating 64% of the new jobs over the past 15 years. Unfortunately, small businesses are threatened by increased liability and workers' comp costs.

 




A study conducted for the U.S. Chamber of Commerce found:

  • The tort liability price tag for small business in 2008 was $105.4 billion.
  • Small business bore 81% of business tort liability costs but took in only 22% revenue.
  • Small business paid $35.6 billion of their tort costs out of pocket as opposed to through insurance.
  • Medical malpractice costs for doctors in small groups and small medical labs total $28 billion, which is 94% of the total costs of medical malpractice.
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South Carolina's workers' compensation costs are the highest in the Southeast for small business.
In 2004, South Carolina ranked 10th in workers' comp premiums. In 2009 South Carolina's ranking was 43th, falling behind 33 states over a 5 year period.
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