Confused about Changing Market Factors?
By Ryann Swift on July 1, 2025
Volatility in the supply chain is a challenge for many small businesses, which often depend on consistent inventory availability for profitability. It’s no surprise, then, that tariffs are top of mind for small business owners. Tariffs—taxes levied on imported goods—are a key piece of the supply chain puzzle. Understanding what tariffs are and how they might affect your business can help your small business continue to thrive.
Market fluctuations can present challenges but also good fortune. You may not be able to control market fluctuations, but you can control how you respond. Case in point: protecting your business with a tailored insurance policy from NEXT. Even in times of economic uncertainty, partnering with NEXT is a step you can take to ensure that you're doing all that you can to protect your investment, your employees, and your business assets. Join the over 600,000 small businesses across 1,300+ industries covered by NEXT and let NEXT provide the peace of mind of knowing you’re covered no matter what happens in the market.
Here's the 3 practical things you need to know about tariffs, plus some insurance options that can help safeguard against what you can’t control.
Tariffs are essentially taxes imposed on goods imported from another country, paid for by the importing company. When tariffs are applied to products your business imports, the cost of those goods can increase, but not always. Recognizing that tariffs have wide-ranging effects is step one. Understanding which tariffs apply to your specific industry and supply chain is the next step in managing their impact.
1.
Even in times of economic uncertainty, partnering with NEXT is a step you can take to ensure that you're doing all that you can to protect your investment, your employees, and your business assets.
Business Owner’s Policy (BOP Insurance)
NEXT offers affordable protection so you can focus on your business. Learn more at NEXTinsurance.com.
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Here’s What Every Small Business Should Know
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A Business Owner’s Policy, or BOP Insurance, is a must for any small business, combining general liability insurance with commercial property insurance. Covering a wide range of contingencies, BOP Insurance protects small businesses from business interruptions, loss of income, property damage, court and legal fees, injury, and loss of inventory.
NEXT offers tailored BOP insurance policies customized to your unique small business needs. Get an instant quote to see how affordable and hassle-free NEXT makes shopping for small business insurance.
Sponsored by NEXT Insurance
Get Started
NEXT offers affordable protection so you can focus on your business. Learn more at NEXTinsurance.com.
Business Owner’s Policy (BOP Insurance)
Even in times of economic uncertainty, partnering with NEXT is a step you can take to ensure that you're doing all that you can to protect your investment, your employees, and your business assets.
By Ryann Swift on July 1, 2025
Back to Hub
Get Instant Quote
NEXT Insurance Is Here for Small Businesses
Confused about Changing
Market Factors?
Small Business Insurance
Small Business Insurance
Small businesses live and die at the margins. But with the right coverage, volatility doesn’t have to spell trouble. Small Business Insurance from NEXT offers the ultimate safety net, protecting your small business from unexpected costs and accidents while protecting your business, property, and employees. A small business insurance policy from NEXT sets your small business up for success, helping you fulfill proof of insurance requirements from customers, partners, and regulators with easy, 24/7, 100% online access. File claims, chat with representatives, and get the documents you need when you need them. Get an instant quote to see how affordable peace of mind actually is.
Tariffs aren’t new, nor are most challenges that small businesses face. You can’t control the market, but you can control your response.
Tariffs Are Simply Taxes on Imported Goods
2.
Tariffs Aren’t New and Can Be Predicted
While many small businesses are considering tariffs for the first time, tariffs themselves aren’t new and typically can be predicted. While tariff changes may seem sudden, they usually follow predictable patterns and announcements. Government agencies usually publish notices about tariff changes weeks or months before implementation, giving businesses time to prepare. Many tariff adjustments follow trade negotiations or economic cycles, allowing savvy business owners to anticipate changes by monitoring trade news and government announcements relevant to their industry.
3.
Tariffs Create Both Challenges and Opportunities
The goal of tariffs is protectionist. When tariffs increase on imported goods, domestic alternatives often become more competitive. While this presents challenges for importers, it creates opportunities for domestic producers. Small businesses that can pivot their supply chains or product offerings may find new advantages in a changing tariff environment. Some businesses discover they can avoid tariffs altogether by slightly modifying products, sourcing from different countries, or qualifying for specific exemptions. Small businesses can also modify pricing or look at other areas in their operation where optimization can lead to savings.
How you respond to tariffs is where small business insurance comes in. There may not be any direct tariff protection insurance, but safeguarding against other contingencies is well within the bounds of an effective small business insurance policy. For example, consider these tailored insurance options from NEXT.
Volatility in the supply chain is a challenge for many small businesses, which often depend on consistent inventory availability for profitability. It’s no surprise, then, that tariffs are top of mind for small business owners. Tariffs—taxes levied on imported goods—are a key piece of the supply chain puzzle. Understanding what tariffs are and how they might affect your business can help your small business continue to thrive.
Market fluctuations can present challenges but also good fortune. You may not be able to control market fluctuations, but you can control how you respond. Case in point: protecting your business with a tailored insurance policy from NEXT. Even in times of economic uncertainty, partnering with NEXT is a step you can take to ensure that you're doing all that you can to protect your investment, your employees, and your business assets. Join the over 600,000 small businesses across 1,300+ industries covered by NEXT and let NEXT provide the peace of mind of knowing you’re covered no matter what happens in the market.
2.
Tariffs Aren’t New and Can Be Predicted
While many small businesses are considering tariffs for the first time, tariffs themselves aren’t new and typically can be predicted. While tariff changes may seem sudden, they usually follow predictable patterns and announcements. Government agencies usually publish notices about tariff changes weeks or months before implementation, giving businesses time to prepare. Many tariff adjustments follow trade negotiations or economic cycles, allowing savvy business owners to anticipate changes by monitoring trade news and government announcements relevant to their industry.
3.
Tariffs Create Both Challenges and Opportunities
The goal of tariffs is protectionist. When tariffs increase on imported goods, domestic alternatives often become more competitive. While this presents challenges for importers, it creates opportunities for domestic producers. Small businesses that can pivot their supply chains or product offerings may find new advantages in a changing tariff environment. Some businesses discover they can avoid tariffs altogether by slightly modifying products, sourcing from different countries, or qualifying for specific exemptions. Small businesses can also modify pricing or look at other areas in their operation where optimization can lead to savings.
How you respond to tariffs is where small business insurance comes in. There may not be any direct tariff protection insurance, but safeguarding against other contingencies is well within the bounds of an effective small business insurance policy. For example, consider these tailored insurance options from NEXT.