Orlando, Fla.—The U.S. Small Business Administration helps women entrepreneurs launch new businesses and compete in the marketplace. The SBA also works with federal agencies to increase contracting opportunities and achieve the government’s five-percent contracting goal for women-owned small businesses.
DreamBuilder, an organization that offers business education and training to thousands of women all over the world, introduces participants to all areas of business ownership through a carefully crafted and engaging curriculum, featured in English and Spanish. At the conclusion of the program, women leave with a business plan to start their own business or develop an existing one.
According to the National Association of Women Business Owners (NAWBO), in the U.S., more than 11.6 million firms are owned by women, employing nearly 9 million people, and generating $1.7 trillion in sales as of 2017.
Women-owned firms (51% or more) account for 39% of all privately held firms and contribute 8% of employment and 4.2% of revenues.
Also, one in five firms with revenue of $1 million or more is woman-owned, and 4.2% of all women-owned firms have revenues of 1 million or more.
Did you know:
There are over thirty million small businesses in the U.S., ranging from construction firms to restaurants and grocery stores to home-based businesses. All have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit. In addition, almost all businesses are accountable for the safety of their workers and bear responsibility for injuries suffered on the job.
You can evaluate your insurance needs—and start your search for insurance—by first considering the size of your business. These definitions may vary, but are generally based on the number of employees, total sales and earnings. The definitions below can help you determine where your business falls.
Many successful businesses start at home. Typically home-based businesses consist of one or no additional employees and have relatively little revenue.
However, that doesn’t mean that the business shouldn’t be insured. Every business—including home-based businesses—should be insured against risk. According to the U.S. Small Business Administration, more than half of American businesses are based at an owner’s home—and too many fail to carry appropriate business insurance. While a home-based business is almost always by most definitions a small business, its location may require special attention to insurance coverage. Homeowners insurance alone will not necessarily cover your home-based business against business property loss or liability.
Some insurers consider businesses with 50 or fewer employees to be small businesses. The SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field.
A common small business policy—called a BOP, for “Business Owners Policy”—is usually available only for businesses with fewer than 100 employees and revenues of up to about $5 million or less. While you can purchase customized insurance to cover your specific type of business, insurers offer standardized small business policies that enable you to affordably protect your company against the most common risks. More types of business insurance may be necessary such as workers compensation, and professional liability among others, in order to keep your business and assets well protected.
At Garzor Insurance our experienced professionals are dedicated to providing commercial insurance coverage for businesses in Florida as well as Georgia, Texas, and now many other states across the U.S.A. If you have questions about business insurance, or any other commercial 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.
Mariana Zorrilla, CIC, CRIS, CPIA