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When is the next recession?

When is the next recession?

I know this seems like an odd thing to bring up, things are good after all. Builders are busy, banks are bursting, and Wall Street is more like Wall Mega-Highway. But how long can it last?


These things are cyclical and years of prosperity are often followed by years of recession. The question is when does it tip from one to the other and are you prepared for it?



The first thing to disrupt a good economy are whispers of worry. We start looking for cracks and wonder how deep they go and making a bigger deal of them than we should. Shallow cracks aren't concerning, every investment carries an element of risk to it. Prophets of doom appear, declaring the roads unsafe and complaining to the city. Everyone else continues on with their lives.



A pothole appears. It could mean a single weak spot in the asphalt or it could mean the whole section of road is about to see a lot more of them. Instead of taking alternate routes to prevent more holes from developing, many just carry on the same path every day assuming tomorrow will take care of itself. Others maybe start taking action, planning alternate routes or maybe getting a 4 wheel drive vehicle that could better handle some bumps.



After repeated use, one crack turns into many and eventually the road becomes so hazardous that accidents happen, traffic is delayed, and everything comes to a stand-still. People tend to choose the quickest, cheapest path, opting to patch the potholes as they come up instead of preemptively replacing the road. Of course, the road eventually reaches a breaking point but the signs were there for a while.



This breakdown point is the beinning of the recession. We should know better, we've been down this road before and not that long ago. The road closes for repairs and side roads get bogged down with the added traffic. As a result, people who never even saw the crack or the pothole are caught up in the effects. The longer it takes to replace the road, the longer the recession drags on and the longer road to recovery we should expect.



Eventually the road is replaced but by now people have relocated or their alternate routes have become their permanent route. It takes time for traffic to resume as usual. Hopefully this time the road is built better than the one it replaced, allowing a longer time before it too must be replaced in the future. If the road had been replaced before it became unusable, traffic may have been rerouted for a short time and quickly resume normalcy.



Everything has a lifespan, we should use something until it's useful lifespan is completed and have a plan in place to transition to the replacement before it tips to being unusable. We shouldn't wait until it's too late to plan for the future. When the time to act is come, the time to prepare is past. Use the good times to get prepared for the slow times.


Insurance prices have been relatively stable over the last few years, now is a great time to check on your fallback plan. Avoid your personal or your business's recession by planning ahead. Insurance is a tool to keep your feet on the ground and your business open when the potholes rise to the surface.


Have you considered Cyber Security insurance, Professional Liability, Errors & Omissions, Employment Practices Liability, Fidelity or Dishonesty bonds?


Now is the time to put up in store and prepare for tomorrow. Give us a call or stop by!