Agents, carriers, and consumers celebrate Small Business Week
As we kick off Small Business Week in May, let’s take a moment to shine a light on the approximately 34 million small businesses that comprise the backbone of our economy. From catering to chimney repair, consultants to web designers, printers to pet groomers, chances are you have worked with a small business and know how vital the products and services they provide are. Your barber, your accountant, even your family dentist are all likely small business owners.
According to the U.S. Small Business Administration Office of Advocacy, small businesses (defined as independent businesses with fewer than 500 employees) comprise:
Additionally, Small Business Week reminds us to support the local companies and professionals who support us:
It’s also important to note that small business startup activity in the U.S. is experiencing historical growth. In fact, there were a record-breaking 5.5 million new business applications in 2023. Small business entrepreneurship is on the rise, and we at Bold Penguin feel honored to be a part of it every day, not just during small business week.
Similarly, during Small Business Week and every day, small business owners face myriad challenges, many of which are related to issues that are out of their control. Cash flow issues related to operational costs and stiff competition from larger entities are two of the more common ones. But the obstacles entrepreneurs cited as the most significant in the Small Business Pulse Survey were “hiring and supply chain challenges. In April 2022, 40.3 percent of firms were looking to hire employees and 24.2 percent sought to identify new supply chain options.”
Another challenge that small businesses face is protecting their investments with the right comprehensive insurance coverage. This is where agents and carriers can provide the most support. Because each small business is unique, it faces unique liabilities and risks. Navigating those risks is complex and essential. Agents and carriers can help ensure the long-term viability of a business by helping them protect the investments that are essential to these entrepreneurs’ dreams.
When small businesses thrive, so do the communities they serve. Because of the various potential hurdles that small- to medium-sized businesses (SMB) face (some but certainly not all of which are outlined above), it’s essential for them to receive ongoing support from consumers, colleagues, and legislators. Small Business Week is just a small reminder of that.
There are many entities that can play a crucial role in helping small businesses navigate their unique challenges. Government initiatives, grants, and business support organizations are often top-of-mind, but as a trusted partner, commercial insurance agents play a vital role too. How can you help? Familiarize yourself with the tools available so you can quickly point your customers in the right direction.
Trusted partners like insurance agents should feel confident in making connections and recommendations beyond the insurance products they offer.
Our mission is to simplify commercial insurance. Bold Penguin’s integrated suite of products helps commercial agents find the right coverage at the right time. The result is that their SMB customers are properly protected and have the peace of mind to pursue their dreams.
For additional resources on how to advise SMBs in a changing landscape, check out our Evolving Risks Of Small Businesses and Unique Risks Of Evolving Industries educational series.
Be sure to follow our Facebook and LinkedIn spotlights May 4-10 as we celebrate Small Business Week. We’ll be showcasing our neighborhood favorite small businesses near our new Bridge Park office in Dublin, Ohio!!
Small businesses create jobs and strengthen the fabric of our communities. At Bold Penguin, we’re proud to champion the work of entrepreneurs and support the agents and carriers who help protect their businesses.
As we celebrate Small Business Week, let’s work together to uplift and empower the millions of small business owners whose drive and determination inspire us every day. Whether you’re an agent, carrier, or consumer, support matters. And when the small businesses in your community thrive, everyone benefits.
Agents, carriers, and consumers celebrate Small Business Week
The fourth installment in the Bold Penguin series addresses the risks for farm-to-table entrepreneurs and how that industry has changed since COVID-19.