Thoughts on the Business Climate in Washington State This Fall and Beyond

“Weather forecast for tonight: dark.” – George Carlin 

Comedian George Carlin was goofing about the unreliability of weather predictions with that quote, but he could have similarly addressed economic forecasting. 

Despite the challenge, we’re going to give it a go with this overview of what positively, possibly, maybe will happen to the Evergreen State’s economy in the fall of 2023 and slightly beyond. 

In fairness, we do know that the need for the right Washington business insurance tools will be as crucial as ever. 

Now let’s put on our forecasting caps. 

The State of the Business Climate in Washington Will Stay Strong (Unless it Doesn’t)

Yes, we want it both ways. But we’re not alone. Consider the opening sentence on this May 2023 paper from the University of Michigan Department of Economics: “The outlook for the economy is currently very fluid, with multiple realistic economic scenarios in play over the next year.” 

The next few paragraphs go on to state that such factors as consumer consumption and supply chain improvements point to a stay-strong economy, while stubborn inflation and tighter lending practices are among those pointing to a possible downturn. The economy in general seems to want it both ways. 

There’s also a presidential election season coming up. All of which means…stand by. Maintain cash reserves and stay flexible and financially protected. 

The Future for Washington Tech Businesses is Strong(er)

On a closer-to-home front, economic trends in Washington are looking up. The state is home to Microsoft, Amazon, Google, Expedia, and countless other digital technology leaders. Technology is the engine that runs Washington and tilts economic forecasts one way or another. The good news is the layoffs of 2022 are behind us. 

The Bureau of Labor Statistics predicts Computer and Mathematical Occupations will be the fourth leading occupational group in job growth in 2024. These stats indicate a positive impact on the near-future outlook for Washington businesses, regardless of your industry or company size. 

What’s Up with WFH?

There’s not much to consider regarding the regulatory landscape in Washington unless you count WFH. That’s how the cool kids refer to the “work from home” concept that swept the nation during the COVID years and guaranteed that virtually no one would ever again have to report to an outside workplace. 

Okay, that’s an exaggeration. In addition to those who couldn’t work remotely for obvious reasons, such as running a lathe in a factory, treating shooting victims in an ER, or constructing new homes, some employers were never crazy in love with the trend as a permanent model. 

That attitude is facing resistance from employees who’ve grown accustomed to the arrangement and are willing to change jobs (not workplaces) to stay remote. This is a particularly important issue in the Washington tech world, where remote work can be relatively seamless with the office in most job categories. If you’re considering making a “cubicles and break room” mandate, you might consider a compromise in the form of a hybrid model: a mix of office and remote days. 

The Only Sure Thing is the Need for Washington Business Insurance

Bottom line: the business climate in Washington and beyond is tough to predict. However, the need for adopting the right mix of Washington business insurance products is a sure thing. 

Your options include group health insurance, workers comp, and key person life coverage, as well as business fleet insurance, business interruption, business travel, information risk, and property & casualty, among many other lines. 

Confused yet? Don’t worry. No company needs every possible form of Washington business insurance. But some policies will be critical for your operation. Your independent and knowledgeable business insurance agent can break it down and help you shop for the most competitive rates from the multiple major carriers represented. 

Reach Out for Affordable Business Insurance Today

There are a lot of variables that will influence your business operation in late 2023 and beyond. We’ve made a few predictions, yet encourage you to be flexible to meet market conditions as they arise. And obtain the Washington business insurance coverage that will offer your company optimal financial protection. 

Reach out to an independent business insurance agent at Vern Fonk Insurance. Call us at (800) 455-8276 or get a quick quote online. You can also find a Washington location near your business.