TEXAS/FLORIDA—The represent a symbol of what most call the American Dream. Small businesses in America are the biggest source of jobs and career opportunities, most of the time supporting their local communities through payroll and taxes. That in turn supports the improvement of local public services as well as help create additional small businesses for the city, town or county.
According to the U.S. Small Business Association (SBA), small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses and 99.7% of firms with paid employees. Of the new jobs created between 1995 and 2020, small businesses accounted for 62%—12.7 million compared to 7.9 million by large enterprises. A 2019 SBA report found that small businesses accounted for 44% of U.S. gross domestic product (GDP).
From Farmers to Mechanics to Doctors – Small Businesses are everywhere!
In addition to keeping the economy running, small businesses also lead the way in innovation. They produce 16 times more new patents per employee than large patenting firms do. Small tech startups with fewer than 5 employees account for a large number of these patents. Small businesses also reflect the diversity of the United States population in a way that the employee base of large corporations do not. 36 percent of small businesses are owned by women. 9 percent are owned by veterans. This includes 2.3 million Latinx business owners, 1.9 million black business owners and 1.6 million Asian business owners.
Why is insurance so important to protect your small business
Whether it's a home-based business, a successful storefront operation, or a thriving company with changing needs, you'll need to manage your liability and business interruption risks. Find the facts, insights and guidance to help you purchase the right coverage to protect and grow your dream. As a business owner, you need business insurance to protect yourself, your employees, your customers, your assets and the future of your company.
A BOP coverage and business general liability coverage combines business liability, commercial property, business income, and equipment breakdown coverages into one cost-effective package for businesses. BOP’s can be general, or personalized to meet your business’s industry-specific needs. A standard BOP can include commercial property insurance, business liability insurance, business income insurance, or equipment breakdown insurance.
Without business insurance events like worker injuries, lawsuits, temporary business closures and data breaches which represent very high costs, could jeopardize the future of your business. Not to mention that some states may require you to carry certain types of insurance coverage.
At Garzor Insurance we care about your small business. Our experienced professionals are dedicated to providing commercial insurance in Florida as well as Texas, and now many other states across the U.S. If you also have questions about truck or other commercial vehicles insurance, or any other business insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.
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