For small to medium business (SMB) owners, numbers tell a compelling story: insurance can be the difference between rebounding from a loss and going out of business. As small business owners themselves, most insurance agents know this only too well. 

Agents play a vital role in making insurance work for businesses. And looking at statistics, there is an excellent opportunity for agents to educate business owners about risks and ways to close coverage gaps. 

We’ve put together a few facts and figures about SMBs and insurance for Small Business Month (and every month of the year).

• Small businesses create two-thirds of net new jobs and account for 44 percent of all U.S. economic activity. (US Small Business Administration)
• 85% of small business owners agree insurance agents provide assurance that they have the right coverage and protection. (Nationwide)
• 25% of businesses do not reopen after a disaster. (US Federal Emergency Management Admininistration)
• According to the Insurance Information Institute, a similar percentage of businesses have no insurance–and have never had any.

Statistics like these are a powerful reminder of how important SMBs are to communities and the economy at large—and how vulnerable many of these businesses are to large-scale loss events.

Insurance is essential to small businesses—and insurance agents play a vital role in ensuring success for their SMB clients. At Bold Penguin, we understand this, which is why we’re dedicated to making it easier for agents to work with business owners to ensure they have the right insurance coverage.  

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