Authored by Sara Weathers

Inflation has risen at the beginning of 2022, but according to an article from Insurance Journal, it appears to have peaked for the year. Despite inflation, U.S. consumer spending rose more than expected in April.

The article also states that the Federal Reserve trying to fight high inflation rates has led to fear of a recession. War in Russia and Ukraine has also contributed to the economic downturn due to the supply chain network being interrupted even more than it already was from COVID-19.

With higher inflation rates, businesses can benefit from reviewing their insurance plans as their current coverage plans may not cover as many damages as before. With inflation and supply chain interruptions, the price of materials and services are higher than they have been in recent years.

AdvoCap Insurance is available to discuss any coverage questions you may have.

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