Women's History Month: Women in Small Business

Summary: March is Women’s History Month, celebrating the impact women have on all aspects of our society from business to science. Learn more about women-owned small businesses in our blog post.

March is Women’s History Month. It is a month designated  to honor the contribustions women have made in business, science, politics and all aspects of our society. Today, women-owned small businesses are growing at a rate faster than ever before, employing more people and impacting a variety of industries -- including insurance.

We are inspired by our women-owned small business insureds and are proud to share their stories. 

Women Owned Small Business

Small businesses are a vital part of the U.S. economy. In 2021, there were 32.5 million small businesses in the U.S., accounting for 99.9% of all businesses in the country. These small businesses are vital for keeping money in the local community and increasing the value of local real estate. Women-owned businesses make up a little over a third (12.3 million) of the overall total, or four out of every 10 businesses in the U.S., generating $1.8 trillion in revenue.

The Small Business Administration (SBA) reported that in 2021, there were 1.1 million women-owned businesses with employees making up 20% of all employer firms. These businesses employ 10.1 million people. Most women-owned businesses are small with 90% having no employees and half having one to four employees. 

Women-owned businesses are concentrated in the professional, scientific and technical services, healthcare and social assitance industries. The top women employment industries include healthcare, accommodation and food services and administrative and support. 

Women in Insurance

The insurance industry provides over 2.8 million jobs, from underwriters to human resources. According to Insurance Information Institute, women encompassed about 59% of the insurance industry workforce. This is much higher than the 47% of women working in all occupations in the U.S. workforce. Women fulfill a variety of positions with the largest amount (78%) in claims and policy processing down to 50% of female workers are listed as insurance sales agents. Currently, only 31% of women in the insurance industry are principals or owners. 

The 2018 Women in Insurance: Leading to Action Report by STEMconnector and Million Women Mentors found: “Insurance is in the midst of a wave of transformative technologies and disruptive innovations, particularly in the areas of data and analytics, digitization and artificial intelligence. With this influx of industry changes comes a unique opportunity to increase female leadership.” The tech innovations are moving the insurance industry forward to new heights. 

Women’s History Month

Women have made major contributions in all aspects of American life, including today’s cutting-edge technology. Since 1995, every March has been designated Women’s History Month. The month is set aside to honor women’s contributions in American history.

Women’s History Month started as a local celebration in Santa Rosa, California in 1978 by the Education Task Force of the Sonoma County Commission on the Status of Women. They created a "Women’s History Week” to be celebrated the week of March 8 to correspond with International Women’s Day. In 1980, President Jimmy Carter was the first president to declare the week of March 8, as National Women’s History Week. Congress then passed a law in 1987 designating March as “Women’s History Month.”

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