By Linc Trimble, Head of eCommerce, Torus
As the economy is shaking off the effects of the financial downturn that began in 2008, few sectors have seen better gains than small business, making it an attractive specialty for independent agents and brokers.
According to the National Small Business Administration:
- Small business contributes almost $1 trillion to the U.S. economy yearly
- There are more than 28 million small businesses in the U.S.
- More than 500,000 new businesses are created each month
- 130 million people are employed by small businesses (nearly half of the U.S. workforce)
- Small businesses represent 52% of retail sales, 47% of wholesale sales, and almost 25% of manufacturing sales in the U.S.
Such a vast universe of risk can represent a significant opportunity for independent agents and brokers, as many small businesses do not have experienced risk managers to rely on nor the knowledge base or time to effectively buy insurance—a tool that not only satisfies contractual or regulatory obligations, but protects a company's assets.
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