Small Business Facts

Did You Know?

Small businesses make up 97.7% of all U.S. businesses.

Sole-proprietors account for 21.7 million of those businesses.

Micro- up to 9 employees account for 4.7 million of those businesses.

10-19 employees account for .7 million .

20-99 employees account for .5 million

90% of U.S. businesses are family owned.

Only 25% of small business owners have formal retirement succession plans.

35% of small business owners have formal business continuation plans in the event of their deaths.

On average , small business owners seek advice from 3 differant sources.  63% consult insurance agents in addition to accountants and attorneys.

90% of firms with 25-99 employees offer health insurance coverage.

78% of firms with 10-24 employees offer coverage.

49% of firms with 3 to 9 employees offer coverage.

1 in 3 small businesses offers an employer-provided 401K plan

Only one-fifth of companies with fewer than 50 employees have Key Employee Life Insurance.

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