By this definition, there are more than 27 million small businesses currently operating in the United States. These can range from incorporated, self-employed individuals to community banks and construction firms.
If you own a small business, it’s a good to consider acquiring the proper insurance to protect your business venture.
If you are one of the millions of entrepreneurial Americans who have started their own businesses, you can turn to ourÂ independent agenst in the Trusted ChoiceÂ®Â network for guidance when shopping for small business insurance. These agents can work with several different insurance companies to provide you with several policies and premium rates to compare.
What’s a Small Business?
- There are currently more than 27 million small businesses in the U.S.
- More than 70% of these businesses are owned and operated by a single person
- 77 million people, or 57% of this countryâ€™s workforce, are employed by small businesses
- Approximately 70% of all small businesses remain in operation 2 years after inception
- Approximately 50% of all small businesses remain in operation 5 years after inception
- 54% of small businesses are home-based
What Is Small Business Insurance?
Small business insurance is an optional insurance plan that provides you with the coverage necessary to keep your business operational, especially in the aftermath of a catastrophe or a lawsuit, according to our friends at Trusted Choice.
Catastrophes can include fires, major weather events, and accidents with extreme losses. Lawsuits can also devastate your business. These insurance plans can be customized to meet the inherent risks faced by your particular business.
Nearly half of all businesses that are forced to temporarily stop operations because of a natural disaster fail within 5 years. Of those that are unable to resume operations within 10 days, nearly 80 percent close within one month.
A solid business insurance policy can prevent this from happening by allowing your small business to remain profitable, even in the face of disaster.