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A few years ago, staff at the USAA (a financial services company formally known as the United Services Automobile Association) asked the same question over and over again.
So, in January 2021, USAA gave its members what they wanted, making insurance available in the 30 USAA-underwritten states.
Traditionally focused on providing military personnel and their families with personal insurance such as auto, life and home insurance, the USAA began helping people in 1922. to meet those needs.
Effective and efficient insurance coverage means protection against economic setbacks, so it makes sense for USAA members to purchase insurance for their small businesses. In fact, entrepreneurship has become a growing career option among those serving in the military: veterans are more likely than nonveterans to become self-employed, according to the Small Business Administration 45% higher. Additionally, a military spouse is choosing to start a business to overcome the ongoing employment challenges that may be presented by her frequent PCS movements.
Larry Williams, vice president of USAA Small Business Insurance, said the trend is likely to continue as the pandemic approaches its third year.
“We are seeing growth in small businesses coming out of the global pandemic. Additionally, the percentage of businesses owned by veterans appears to be growing at a faster rate than the general population,” Williams said. says. We are committed to our mission to provide a complete suite of competitive products for the military. ”
Do Every Military Or Veteran Entrepreneur Need Small Business Insurance?
Yes, says Sean Scaturro, USAA’s Director of Insurance Advice. He’s seen some owners think they’re too small to worry about. what’s going wrong? Scaturro believes this is probably the biggest mistake entrepreneurs make. Scaturro advises protecting your financial well-being, regardless of your size.
“You have to be a little cynical to be able to assess the risks you might face,” he said of small business owners. “And if we can’t be ironic enough ourselves, we need to pick up the phone and talk to an expert who can assess all threats. USAA responds to questions from business owners. But it also asks questions that business owners don’t always know.”
You have to consider the size of your business. How is it legally structured? How many employees, if any? current income; assets; liabilities; potential risks; and potential expansion.
Williams knows it’s hard to find time to analyze all the details. Business owners work all day because they build what they create. Many people then take care of their families in the evenings and then go back to their own business.Surveying USAA coverage is one of the tasks he can complete at that time or any time.
“I see quite a few members interacting with us after hours. ‘ said Williams. It’s easy when you visit usaa.com/smallbusiness. By answering just a few questions, business owners can learn about available insurance options.
However, this is not a one-time deal.
Owners should think at least once a year about how their business has changed or is about to change. Then you should check with your insurance agent and adjust the policy to fit your business plan.
Williams grew up in a family of entrepreneurs and learned at an early age that small businesses were the “powerhouse of the economy”. increase.
“I want them to protect their American Dream as they risk their lives to protect ours,” he said. “It’s very personal to me that we are there when our members need us the most.
Visit usaa.com/smallbusiness to get started
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