U.S. Small Business Stats
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 country‚Äôs 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

 


Do you employ fewer than 500 people?

If so, you are one of more than 27 million small businesses in the United States that range from incorporated, self-employed individuals to community banks and construction firms.

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. 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.

Why should I get Small Business Insurance?

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.

What types of insurance do Small Business Owners need?

Very small businesses often do not have employees and are therefore exempt from insurance requirements. However, if your Georgia or South Carolina company does have employees, you may need consider workers compensation insurance, unemployment insurance, disability insurance, and medical insurance.