There are more than 30 million small businesses in the U.S., comprising 99.7% of employer firms, according to the U.S. Small Business Administration.
Defined as an independent business that employs fewer than 500 employees, small businesses are a huge market opportunity for insurers and brokers.
A recent study from J.D. Power reveals that small business owners have never been more satisfied with their insurance providers. After three years of stagnant satisfaction levels, insurance companies stepped up their investments in technology, servicing, product line-up and infrastructure to support small business customers, resulting in the all-time high satisfaction score in the J.D. Power 2019 U.S. Small Commercial Insurance Study.
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