NJM Blog

Small Business Saturday: How Business Insurance Agents Can Help Fellow Small Business Owners

How business insurance agents can help fellow small business owners

Black Friday and Cyber Monday are popular shopping days that follow Thanksgiving. Sandwiched between them is Small Business Saturday, a no less important shopping day.

Unlike the first two days that focus on large retailers and online shopping respectively, Small Business Saturday— first created in 2010 by credit card company American Express—celebrates the economic engine that these brick-and-mortar businesses represent. According to the U.S. Small Business Administration (SBA), between 2010 and 2018 small businesses created 65% of “net new jobs.”

These businesses are small and local and the majority of money spent with them is redistributed within the community in terms of investments, jobs, and supporting community efforts. More importantly, an Institute for Local Self-Reliance study showed that locally owned businesses employ more people per unit of sales, and retain more employees during an economic downturn, than big-box retailers.

In New Jersey and Pennsylvania, small businesses account for more than 45% of the private workforce.

As a small business owner, how can you support other local owners?

  • Develop mutually beneficial relationships with other businesses as part of your strategic plan.

  • Promote their products and services to your customers and other business contacts, and ask them to do the same for you.

  • Whenever possible, purchase your supplies from small businesses. If there are none that meet your specific needs, buy from a franchise, which are often locally owned.

An important part of the small business community is local insurance agents, who help to protect fellow business owners from potential risks. An insurance agent can save you time by assessing your risk factors and shopping for the best price and coverage from multiple insurance companies.

As a best practice, have your local insurance agent do an end-of-year review of all your coverages, including workers’ comp, commercial auto, BOP, and commercial umbrella to ensure you’re adequately protected in the event of liability or a loss. If you don’t have an agent and are considering choosing one, be sure to have questions prepared to ask potential agents, such as:

  • What policies and coverages best fit my needs?

  • Are there gaps in my coverage or policy limits?

  • What are your claims submission options?

  • Do you have experience handling insurance for your type of business?

Also, check online reviews for the agents you are considering and talk to fellow business owners for their opinions.

Business insurance policies such as workers’ comp, BOP, and commercial umbrella can be complex. An agent can provide guidance to you at no additional cost. Agents also quote multiple carriers and help ensure their policyholders are informed about product offerings, available discounts, etc. Your agent handles your company’s insurance needs, so you can focus on other aspects of your business.

As you prepare for Small Business Saturday and the holiday season, make a resolution today to conduct a policy review with a local business insurance agent to improve your prospects for a happy, healthy, and prosperous 2020.