Small businesses are the lifeblood of the US economy. According to the US Small Business Administration, there are approximately 30.2 million small businesses operating across the nation, employing 47.5% of US employees.Workers' Compensation
Its a busy and bustling market for workers compensation insurance carriers to tap into, but there are a few roadblocks that keep getting in the way.
One pain point is cost. Many small business prospects are new or immature market ventures without any prior loss history.
Without that claims data, underwriters have to put more time and effort into their risk selection and discretionary premium allocation.
Often, that extra work is deemed too costly for carriers to justify focusing on low-margin accounts in the small business sector.