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Increases in business insurance premiums could be good news

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According to the Orlando Business Journal, business insurance premiums appear to be increasing entering the new year, which may actually indicate better business health.

Business insurance premiums on the rise generally signifies businesses are exposing themselves to more risks, meaning they are prospering, reported the Business Journal.

"It means more business activity - more sales and more payroll means more exposure," James Lumbra, an expert in the insurance field, told the news source. 

The source said many businesses saw their premiums decrease during the economic downturn because they cut expenses such as extra employees, vehicles and property. But now, with business premiums looking like they will be growing in the upcoming year, it may be a sign the economy may be experiencing an upswing in some regions, according to the Colorodoan.com
The news source said state and local economists in Northern Colorado are predicting a slow and steady improvement of the state's economy in 2012.

Richard Wobbekind, executive director of the Business Research Division at the University of Colorado Leeds School of Business, told the news source he is predicting steady growth and for the state to add roughly 23,000 new jobs.

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