The insurer serving military and veterans will be writing policies in that category for the first time.
USAA, the insurer serving military members and veterans, is taking its first steps into the American small business insurance market.
The company has stated that it will begin writing these policies for coverage in five different states.
The five states in which USAA will be entering the small business insurance market include Arizona, Tennessee, South Carolina, Illinois, and Colorado. That said, it will be restricted to those states only for its initial entry into this coverage space. The insurer intends to continue a broadening rollout into other states across the country throughout this year.
This insurance company targets people who are currently in the U.S. military as well as military veterans, and the families of current members and veterans. They have served their customers within the small business space for three decades through unaffiliated companies by way of its USAA Insurance Agency.
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This new move represents the first time USAA will sell its own products in the small business insurance market.
According to the insurance company, it decided to enter this space in response to a rise in member demand. The new policies are underwritten by its Garrison Property & Casualty Insurance Company of San Antonio subsidiary.
“For small business owners, their business is their life and livelihood,” said retired Vice Admiral, United States Navy, Jim Syring, USAA property and casualty president. “They put their heart into building their business and work around the clock to make it a success. We believe we understand veterans better than anyone and want to be there to support them and their business every step of the way.”
The small business insurance market for military veteran entrepreneurs is a significant space. There are currently 2.4 million veteran owners of businesses that size. They employ 5.8 million people across the country, according to US Small Business Administration data. These companies are a part of a spectrum of different sectors, ranging widely from transportation and warehousing to finance and insurance, wholesale trade, manufacturing, construction, utilities, real estate, forestry, and agriculture.