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Small businesses stare down rising insurance costs
New state legislation will give small-business owners like Jeff Prom another option for dealing with the spiraling costs of health care.
The law will be enacted just as small businesses run out of options for dealing with insurance premiums that have increased at an annual clip of 20 to 30 percent in recent years.
"I sure hope this freight train takes a different path the next couple of years," said Prom, president and co-owner of Sharon-Cutwell Co. Inc., a cutting tools manufacturer in Belgium. "We're trying to find creative ways of handling the increases."
For example, Prom tried to establish medical savings accounts for his employees as a way of addressing the rising cost of health care. But he felt the insurance companies thwarted his efforts.