According to the Small Business Administration, a small business is classified as one with fewer than 1,500 employees and annual revenues of no more than $41.5 million. There are an estimated 31.7 million small businesses in the U.S., comprising approximately 44% of the economy.
Given the number of people rethinking their job satisfaction and work-life balance throughout the pandemic, the number of new businesses launched this year is projected to be around 17 million.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
