- 15% of startups launched as a outcome of layoffs and,
- 80% of new tiny businesses were combined formed on improvements to existing ideas
NEW YORK , June 21, 2011 /PRNewswire/ ? With stagnation rates right away at 9.1 percent in the U.S.(1), new investigate by dilettante insurer Hiscox has found that 15 percent of tiny businesses were determined subsequent to a layoff. It moreover found the most of startups are not initial ideas, but are formed on new approaches to existing businesses.
Key commentary included:
Being your own team leader and living the dream: Half of tiny business owners cited possibly being their own team leader or living their mental condition as the reason for receiving the chance and starting their own business, with 29 percent wanting to be their own team leader and 21 percent wanting to live their dream.
Not new, only improved executed: Eighty percent of tiny business owners and operators surveyed mentioned that their business thought was not new, but an alleviation on existing offerings. Over half (51 percent) reported that gift a aloft high quality of service or product than their contest was their key differentiator ? rsther than than descend prices. A serve 20 percent tell apart themselves by investing time in discussion face-to-face with clients. However, for startups there was a low investment in RD (6 percent) and even reduction in selling (3 percent).
Million dollar idea: Nearly a entertain (24 percent) believed they had a ?million dollar? thought when first their business. After receiving the leap, more than two-thirds (69 percent) right away feel assured or really assured that their business is truly the ?million dollar? idea.
?Whether it?s due to a layoff, or to search for a life?s passion, entrepreneurs are starting businesses to take manage of their own destiny. Also, they do not must be invent the next new prohibited idea, but must be put in hard work and give aloft high quality service than the contest to succeed,? mentioned Kevin Kerridge , tiny business insurance consultant from Hiscox. It is critical that tiny business owners use correct formulation to safeguard their million dollar thought and reduce their risks whilst they blossom their businesses.
?Starting up may be scary, but if you work harder than the competition, comprehend your risks and keep desiring in your idea, you can succeed.?
Designed especially is to tiny business and home-office market, Hiscox tiny business veteran guilt insurance coverage ( errors and omissions insurance ) is customized for a operation of knowledge-based professions inclusive IT, administration consulting, business consulting and marketing. Hiscox offers veteran guilt insurance quotes send and online in real-time along with other guilt insurance products such as broad guilt insurance . Hiscox?s protected insurance advisors are solely focused on assisting tiny businesses with their insurance needs.
Hiscox profiles the life of startup entrepreneurs in the critically famous Leap Year web series, running by Aug 8 on www.leapyear-hiscox.tv . Hiscox?s online gift is corroborated by experienced, protected advisors formed at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, VA .
To pick up more about Hiscox Small Business Insurance, revisit or verbalise with a Hiscox protected confidant at (888) 202-3007 (Monday by Friday, 8:00 AM ? 10:00 PM EDT ). Hiscox is moreover right away on Twitter , Facebook and LinkedIn .
headlines from Hiscox Small Business Insurance .
Notes to Editors
Hiscox consecrated investigate with Opinium Research amid 304 owners, allies and comparison preference makers from US companies with 1 to 249 employees between the 18th of May and the 1st of June 2011 .
(1)Source: United States Department of Labor, Bureau of Statistics.
About Hiscox in the U.S.
Hiscox, the international dilettante insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). There are 3 principal underwriting tools of the Group ? Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda , Guernsey and the USA . Hiscox ASM Ltd, Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are certified and regulated by the UK Financial Services Authority. The skill of syndicates at Lloyd?s to do business in the USA and its territories is limited as they are not US-based insurers.
Hiscox Inc., a Delaware firm headquartered in New York , d/b/a Hiscox Insurance Agency in CA, is a protected insurance surrogate for admitted and excess lines business. Hiscox Inc. underwrites on interest of, and places business with, Hiscox Insurance Company Inc., other made at home insurers, and syndicates at Lloyd?s ( www.lloyds.com ). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer that is admitted or protected to do business in all 50 states and the District of Columbia .
Inquiries as to insurance, products or services, other than those offered by Hiscox Small Business Insurance, should be destined to an insurance representative or attorney protected to actions business in the applicable U.S. state. For serve data about an insurer?s skill to do business in the USA and US territories greatfully contact a protected representative or attorney for advice.
This communication provides broad data on Hiscox?s products and services only and, solely with courtesy to Hiscox Small Business Insurance, is not expected to be, and does not constitute, a questionnaire of business by syndicates at Lloyd?s from or in apply oneself of the USA or U.S. territories. The data contained herein is not a segment of an insurance policy, and may not be used to cgange any insurance process that might be issued. In the eventuality the real process forms are unsuitable with any data supposing herein, the denunciation of the process forms shall govern.
About Hiscox Small Business Insurance
Hiscox is the first company in the U.S. to offer insurance coverage for veteran services businesses with 10 employees or reduction direct, online, and in real-time. We give veteran liability, broad guilt and business owners insurance, underwritten by Hiscox Insurance Company Inc. We moreover offer workers? reward insurance supposing by EMPLOYERS. Hiscox Insurance Company Inc. is rated ?A? (Excellent) by A.M. Best Company.
About Employers Holdings, Inc.
Employers Holdings, Inc. (NYSE: EIG ) is a keeping company with subsidiaries that are featured item providers of workers? reward insurance and services focused on choose tiny businesses intent in low-to-medium jeopardy industries. The company, by its subsidiaries, operates coastline to coast. Insurance is offered by Employers Insurance Company of Nevada , Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all rated A- (Excellent) by A.M. Best Company. Not all insurers do business in all jurisdictions. Additional data may be found at: .
EMPLOYERS and America?s tiny business insurance dilettante are purebred trademarks of Employers Insurance Company of Nevada . Workers? reward Insurance is offered by Employers Compensation Insurance Company, Employers Insurance Company of Nevada , Employers Preferred Insurance Company, and Employers Assurance Company. Not all insurers do business in all jurisdictions.
Disclaimer
Coverages are theme to underwriting and may not be existing in all states. As of December 31, 2010 , Hiscox Insurance Company Inc. had admitted properties of $63,021,985 and policyholders excess of $52,782,927 . Total liabilities were $10,239,058 (inclusive of $4,731,628 in reserves) and paid up funds batch was $4,200,000 .
SOURCE Hiscox
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