Part 1 of a 2-Part Series
In honor of International Women’s Day on March 8, we wanted to take this opportunity to highlight women. More women own businesses in the United States today than ever before. In fact, according to National Association of Women Business Owners (NAWBO), women own 11.6 million companies, with one in five producing revenue in excess of one million dollars. One such company is Inclán Insurance Services, a woman-owned business.
Female Business Owners
Female business owners employ nearly nine million people. What’s more, their firms generate more than 1.7 trillion dollars in sales. And, according to a recent SCORE report, “47% of women started a business compared to 44% of men (in 2017).”
It is safe to say that women-owned businesses impact the economy while shaking the status quo. A survey published in the Harvard Business Review reveals:
“Female leaders excel at ‘nurturing’ competencies, such as developing others and building relationships, andmany might put exhibiting integrity and engaging in self-development in that category, as well.”
Additionally, the study revealed that at all levels, women rated higher than men in 12 out of 16 of the core competencies which make up outstanding leadership.
Changing the Paradigm
Although the business climate has changed significantly to accommodate the influx of female business owners, many female leaders report feeling that they need to work harder than their male counterparts to prove their worth. This may contribute to the reason we see so many successful women begin ventures, as they remain undaunted by the prospect of extra work, as long as it is accompanied by greater opportunity for success. Not secure to rest on their laurels, females tend to work hard and consistently approach old problems with fresh, innovative thinking. As a result, banks more readily extend loans to female business owners than previously, opening doors for female business owners.
As women forge paths in the business world, many do so while simultaneously running their households. Women who balance the dual roles naturally understand the need to adopt forward-thinking approaches to protect their professional interests. Female business owners ourselves, we understand the unique challenges that the fairer sex faces relative to investing and protecting our hard-earned business with quality insurance.
Business insurance protects businesses (whether they are owned by men or women) from losses occurring during the normal course of business. Insufficient insurance can destroy a business. As a result, entrepreneurs must evaluate whether their coverage adequately protects them for legal liability, property damage, and employee-related risks. We love working with fellow female business owners. Contact us today to let us help you determine whether your business is adequately protected.
Check back later this month, when we will conclude this two-part series about women in business.
About Inclán Insurance Services
Inclán Insurance Services in La Verne, California, near San Dimas, and offers myriad insurance programs, inside as well as far outside of our immediate geographical location. Among our book of extensive insurance offerings: business – cannabis, contractors, general liability, worker’s compensation, commercial auto, commercial property, and entertainment; and personal – automobile, classic cars, motorcycle, health, homeowner’s, renter’s, and life insurance.