Women’s History Month: Women in Small Business

Topics: Small Business

March is Women’s History Month. It is a month to celebrate the impact women have had in business, science, politics and all aspects of our society. Today, women-owned small businesses are growing at a rate faster than ever before, employing more people and impacting a variety of industries -- including insurance.

Women Owned Small Business

Small businesses are a vital part of the U.S. economy. In 2018, there were 30.2 million small businesses in the U.S., accounting for 99.9 percent of all businesses in the country. These small businesses are vital for keeping money in the local community and increasing the value of local real estate. Women-owned businesses make up a little over a third (12.3 million) of the overall total, or 4 out of every 10 businesses in the U.S., generating $1.8 trillion in revenue.

American Express released the “2018 State of Women-Owned Businesses Report” earlier last year to share information about women-owned businesses, which are defined as businesses that are at least 51 percent owned, operated and controlled by one or more females. In 2018, 1,821 net new women-owned businesses were launched every day. Women of color led 64 percent of those new businesses. Women-owned businesses employ 9.2 million people, which is just 8 percent of the total private sector workforce.

The report also found that women are slightly more likely to start a business than men. Also, half of women-owned businesses are concentrated in three industries - other services, healthcare and social assistance and professional/scientific/technical services.

Women in Insurance

The insurance industry provides over 2.7 million jobs, from underwriters to human resources. According to Insurance Information Institute, women have encompassed 61 percent of the insurance industry workforce from 2007 to 2016. This is much higher than the 47 percent of women working in all occupations in the U.S. workforce. Women fulfill a variety of positions with the largest amount (86.2 percent) in claims and policy processing down to 48.5 percent of female workers are listed as insurance sales agents.

The 2018 Women in Insurance: Leading to Action Report by STEMconnector and Million Women Mentors found: “Insurance is in the midst of a wave of transformative technologies and disruptive innovations, particularly in the areas of data and analytics, digitization and artificial intelligence. With this influx of industry changes comes a unique opportunity to increase female leadership.” The tech innovations are moving the insurance industry forward to new heights. Insurance Industry

Women’s History Month

Women have made major contributions in all aspects of American life, including today’s cutting-edge technology. Since 1995, every March has been designated Women’s History Month. The month is set aside to honor women’s contributions in American history.

Women’s History Month started as a local celebration in Santa Rosa, California in 1978 by the Education Task Force of the Sonoma County Commission on the Status of Women. They created a "Women’s History Week” to be celebrated the week of March 8 to correspond with International Women’s Day. In 1980, President Jimmy Carter was the first president to declare the week of March 8, as National Women’s History Week. Congress then passed a law in 1987 designating March as “Women’s History Month.”

AmTrust is Inspired by Our Women Small Business Insured

As we celebrate Women’s History Month, AmTrust continues to help protect the dreams women-owned small businesses have, allowing the owners the time to focus on doing what they love. We understand and support small and mid-sized businesses across the country. For more information about our small business insurance solutions, please contact us today.

This material is for informational purposes only and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors. Coverages may vary by location. Contact your local RSM for more information.

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