Insureon: $4.5 Trillion in GDP at Risk "For Want of a Nail" - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Insureon: $4.5 Trillion in GDP at Risk "For Want of a Nail"

  • Local NewsLocal NewsMore>>

  • Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Tuesday, July 15 2014 4:17 AM EDT2014-07-15 08:17:38 GMT
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
  • Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Sunday, July 6 2014 11:00 AM EDT2014-07-06 15:00:12 GMT
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE insureon

New data suggests $4.5 trillion in small business revenue is jeopardized by a lack of insurance.

CHICAGO, May 12, 2014 /PRNewswire/ -- Late last month, the U.S. Census Bureau released nonemployer data for 2012, revealing that the country is currently home to 22.7 million single-person businesses that generate more than $1 trillion in revenue. Businesses with fewer than 10 employees generate an additional $5.1 trillion, meaning that small businesses contribute more than $6 trillion to the U.S. economy, a sizable portion of the GDP ($16.2 trillion in 2012).

These numbers reinforce the important role small businesses are playing in the country's ongoing economic recovery, but they also reveal a potentially disastrous weakness in overall U.S. economic viability. According to Insurance Journal, three quarters of U.S. businesses may be underinsured by 40 percent or more. And the New York Insurance Information Institute reports that as many as 40 percent of small businesses may even be completely uninsured.

"This is a classic case of 'For want of a nail, a kingdom was lost,'" said Ted Devine, CEO of insureon, the nation's leading online provider of small business insurance. "The starting cost of a Business Owner's Policy is less than $40 per month, and it provides $1 million in coverage for the liability and property events that most commonly affect small businesses."

Devine also noted that analysts estimate 40 percent of small businesses never reopen after being struck by disaster – often because they lack the financial resources to recover from unexpected setbacks. He emphasized that a relatively small investment in basic business insurance can make the difference between survival and bankruptcy for most small businesses.

Business Owner's Policy benefits cover the cost of many third-party lawsuits and replacement or repair of damaged business equipment. Business owners interested in learning more about the Business Owner's Policy can find information at insureon.com/products/business-owner-policy/.

About insureon

Insureon provides coverage for the fast-growing small and micro business sector, which includes freelancers, contractors, and businesses with 10 or fewer employees. Free quotes for Business Owner's Policies and other types of insurance are available at www.insureon.com.

CONTACT: Betsy Gregg, 224-595-3323, betsy@propllr.com

©2012 PR Newswire. All Rights Reserved.