Small business owners are the backbone of the U.S. economy. In 2016, small business owners represented more than 28 million businesses with more than 56 million employees, according to the Small Business Administration.
Most independent insurance agents both are part of the small business sector and also serve small business owners with commercial and personal lines insurance. Consequently, the insurance industry has a vested interest in the small business sector and supports it in a variety of ways.
One way of supporting small businesses is by simplifying the way insurance is packaged. By offering small business owners the opportunity to purchase a business owners policy, you help them combine typical coverage options into one policy at a lower premium than if they purchased each type of coverage. Typically, BOPs consist of property, general liability, business interruption and other types of coverage common to most types of businesses.
Markel has made great strides in offering BOPs. In 2017, Markel’s business owners insurance, EssentialBOP, became available in 46 states, including Washington, D.C. It introduced several key enhancements, such as customizable coverage depending on risk, expanded appetite for more contractor classes, and pricing flexibility.
Independent agents and small businesses often have similar legislative interests, which means both can benefit from the assistance of a small business advocacy organization like the National Federation of Independent Business (NFIB). Since 1943, NFIB has advocated on the state and federal levels to help small and independent business owners protect their right to own, operate and grow their businesses. In addition to advocacy, NFIB also provides access to expert advice and information through daily how-to articles from a comprehensive online library for entrepreneurs, as well as webinars, small business research, infographics, savings and discounts on products and services, and other tools that can assist in running a small business.
In 2015, NFIB selected Markel as a preferred provider of workers compensation insurance, giving new and existing NFIB members access to a filed dividend plan and loss control materials that are specifically developed for small and independent business owner members. In 2017, NFIB and Markel expanded the relationship by adding EssentialBOP to the product offering.
NFIB membership can be beneficial to independent agents. In addition to advocacy and access to Markel’s insurance products, independent agents have the opportunity to be included in the NFIB Agency Directory. This directory is searchable by NFIB members who are interested in learning more about the Markel product offering.
To learn more about Markel Small Business insurance and joining NFIB, visit the NFIB website.
Insuring America’s Small Business ®
Markel Specialty Commercial's insurance products and services are offered through Markel Specialty, a business division of Markel Service Incorporated. Policies are written by one or more Markel insurance companies. Terms and conditions for rate and coverage may vary.
WC dividend plans and availability vary by state. Please contact your Markel underwriter for details. Dividends are not guaranteed and must be declared by the Board of Directors of the relevant insurer. Dividends are not available in the following states: AK, AZ, FL, HI, KS, KY, MN, MO, NJ, TX, WI.
This content is not intended for non-insurance professionals. For specific terms, conditions and benefits regarding the Markel-NFIB relationship, please contact Markel.