Why Military and Veterans Businesses Need Small Business Insurance

A few years ago, employees at USAA (a financial services company called United Services Automobile Association) kept hearing the same question: “Do you offer Small Business Insurance?”

So, in January 2021, USAA gave its members what they wanted and made advertising available in 30 USAA-certified states.

Traditionally focused on providing military members and their families with specific lines of insurance, such as auto, life and home, USAA began helping people in 1922. It knows the listening with a goal of identifying the insurance needs of each person – and then setting up a policy. to satisfy those needs.

Good and quality insurance means protection against financial loss, so USAA members should get it for their small business. In fact, entrepreneurship has become a growing career choice among those in the military. According to the Small Business Administration, veterans are 45% more likely to be self-employed than non-veterans. In addition, military spouses are choosing to launch businesses, in part, to overcome the ongoing work challenges that can be presented to the PCS phase.

Larry Williams, VP of USAA’s Small Business Insurance, said it’s a trend that may continue as the pandemic nears its third year.

“We are seeing the growth of small businesses that are coming to the global pandemic. In addition, the percentage of businesses owned by seniors appears to be growing at a faster rate than the general population,” Williams said. We are committed to our mission. offering a full range of competitive products for the military.

Do all military or private business owners need small business insurance?

Yes, says Sean Scaturro, director of insurance advice at USAA. He saw some owners who thought they were too young to care. For example, a photographer might think, ‘Only me. What could happen?’ Scaturro believes this is probably the No. 1 mistake investors make. Protect your financial well-being, no matter how big you are, advises Scaturro.

“You almost have to be competitive, so that you can evaluate the risks that you can face,” he said about small businesses. “And if we can’t fool ourselves, we should pick up the phone and talk to an expert who can analyze all the threats. USAA answers questions from business owners and says also questions that business owners don’t usually ask.”

They should consider the size of their business; how it is legally structured; how many, if any, employees; current income; assets; liability; risk factors; and possible extensions.

Williams knows it’s hard to find time to sort through all the details: Entrepreneurs work all day because they’re building what they’ve created. Then many take care of families for a while in the evening and go back to managing their business after that. USAA research is one of the tasks they can complete at that time – or at any time.

“We see a lot of our people interacting with us after hours. We’ve been selling policies all night, maybe the next time they have time,” Williams said. Visit usaa.com/smallbusiness to make it easy. Answer a few questions, and the business owner will know what insurance options are available.

Doing so is not a one-and-done thing, though.

People should think about how their business is changing – or will change quickly – at least once a year. Next, they should check with their insurance agent and adjust their policies to match their business plans.

Williams grew up in a family of entrepreneurs, and learned at a young age that small businesses “are the drivers of the economy,” he emphasized. When a small business is also connected to the military, he feels more drawn to help them.

“I want us to provide protection for their American dream as they put their lives on the line to protect us,” he said. “It is very personal to me that we are there for those people when they need us the most.

Visit usaa.com/smallbusiness to begin with

small business insurance for veterans

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