SMALL BUSINESS TRENDS

TAP Sales, a New Quote-And-Issue Platform for Small Businesses, Has Been Launched By the Hanover

Hanover | July 27, 2021

The Hanover Insurance Group, Inc. has announced the launch of its new TAP Sales quote-and-issue platform for small business insurance, the company's newest addition to its digital agency tools. TAP Sales was created with a brand-new interface and functionality to assist The Hanover's agents in providing fast, streamlined quoting capabilities to its small business customers.Hanover's new TAP Sales quotation experience cuts the time it takes to generate a quote in half.

In TAP Sales, agents will be able to quote and issue Hanover Business Owner's Advantage, The Hanover's enhanced business owner's policy. This new policy provides agents with more flexibility and options than ever before, allowing them to serve more small business customers. TAP Sales allows the organization to quote and issue specialty lines of business, such as certain maritime, management liability, and professional liability coverage, online. This enables The Hanover to offer its agents a complete range of coverage for their small business clients.In 2022, the Hanover intends to complete the system's supplementary lines of business.

About The Hanover
The Hanover Insurance Group, Inc. is a holding company for many property and casualty insurance companies that together make up one of the country's major insurance organizations. Through a small group of independent agents and brokers, the firm provides superior insurance solutions. The Hanover, in collaboration with its agents, provides conventional and specialty insurance coverage for small and mid-sized businesses, as well as homes, automobiles, and other personal belongings.

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MANAGEMENT

Capital CDC Supports Local Economic Development and Business Resources in New Mexico

Capital CDC | September 27, 2022

Capital CDC strives to make a difference in the communities we serve through unwavering advocacy and reinvestment in local economic development.Recently, Capital CDC donated $15,000 to WESST, a non-profit, small business development and training organization committed to growing New Mexico's economy by cultivating entrepreneurship. Since 2013, Capital CDC has provided financial donations to non-profits and economic development organizations in New Mexico totaling $124,500. Capital CDC contributes to these types of organizations annually to help grow the resources available for small businesses in New Mexico. "We are so grateful for the generous gift we recently received from Capital CDC! Thank you for supporting WESST's transformational work with New Mexico small businesses. With this support, WESST continues providing supportive business services and access to capital for the diverse entrepreneurs who need it most. This work wouldn't be possible without partners like you!" Katie Knipe, VP of Development at WESST.

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TECHNOLOGY, SMALL BUSINESS ADVICE

CyberCatch and Arizona Small Business Association Announce Partnership to Help Small Businesses in Arizona Mitigate Cyber Risk

CyberCatch | September 22, 2022

CyberCatch, today, jointly announced with the Arizona Small Business Association (ASBA), a strategic partnership to enable Arizona's small businesses to quickly and easily implement necessary cyber security controls for digital success.According to the U.S. Small Business Administration, there are more than 590,000 small businesses (those with fewer than 500 employees) in Arizona, and these businesses employ nearly 43.5% of the state's private workforce. Small businesses are the growth engine of Arizona's economy, and this partnership provides a valuable tool for continued success,said Debbie Hann, Chief Operating Officer, ASBA. We are delighted to partner with CyberCatch to keep Arizona's small businesses one step ahead of cyber threats, so they can continue to grow and succeed digitally. Nearly all small businesses are digital these days, and need to stay proactive, said Hann.ASBA is pleased to take a leadership position with this program and announce a new ASBA membership benefit in the form of a subscription to CyberCatch, at a discount. CyberCatch's patented, innovative, cybersecurity Software-as-a-Service (SaaS) solution is specifically designed for small businesses and enables quick and easy implementation of all necessary controls for continuous cyber security. The SaaS solution automatically and continuously tests cyber security controls to detect security holes for prompt remediation so attackers cannot exploit and ensures ongoing compliance and cyber risk mitigation. "CyberCatch is a one-stop-shop for small businesses. We are honored to partner with ASBA. Our compliments to ASBA for their foresight and forward thinking to recognize cyber risk as a key threat to small businesses in Arizona and to partner with us to craft a valuable and timely solution for their members and prospective members to assure their continued success." Sai Huda, founder, chairman and CEO, CyberCatch. The root cause of data thefts and ransomware is security holes which derive from missing or ineffective cybersecurity controls that the small business is unaware of," said Huda. "Small businesses have limited resources and generally don't know what cyber security controls to implement or how to implement them in order to be secure from cyber threats, and now must comply with new requirements such as Zero Trust. ASBA and CyberCatch aim to fill those gaps in small business knowledge, with this innovative new partnership. This member benefit gives small businesses immediate savings and continual digital compliance and security. To learn more about this benefit, visit website. About Arizona Small Business Association The Arizona Small Business Association (ASBA) was founded in 1973 and serves as the collective voice of small businesses in Arizona by driving a better environment for all of us to do business. Today, ASBA is focused on delivering statewide education, mentoring, networking, and advocacy programs, providing innovative entrepreneurs with the resources necessary to grow and evolve in an ever-changing marketplace. For more information, visit website. About CyberCatch CyberCatch is a unique, patented cybersecurity Software-as-a-Service (SaaS) company that protects small and medium-sized businesses (SMBs) from cyberattacks by focusing on the root cause why SMBs fall victim: security holes. It provides an innovative cloud-based SaaS platform coupled with deep subject matter expertise to help SMBs implement just the right type and amount of cybersecurity controls. The platform then performs automated testing of controls from three dimensions: outside-in, inside-out and social engineering. It generates the Cyber Breach Score to continuously measure cyber risk and finds security holes and guides the SMB to fix them promptly, so attackers can't exploit any missing or broken controls to break in and steal data or infect ransomware. CyberCatch's continuous value proposition:

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BUSINESS STRATEGY

American Express and TikTok Launch the #ShopSmall Accelerator to Help Small Businesses Reach New Audiences on Small Business Saturday

American Express | November 15, 2022

American Express today announced that it has partnered with TikTok to launch the #ShopSmall Accelerator, a new program to help small business owners reach a new generation of shoppers on Small Business Saturday, which is on November 26, 2022, and runs throughout the holiday shopping season. The partnership with TikTok builds on the ongoing support American Express provides small businesses year-round and its goal to drive $100 billion in reported consumer spending at small businesses from 2021 through 2025. Starting November 14, the #ShopSmall Accelerator will include an offer for eligible small business owners to earn a $100 TikTok advertising credit*. In addition, small business owners will be given access to tools and resources to think like TikTok creators, including a tutorial at AmericanExpress.com/ShopSmallAccelerator on how their businesses can stand out on the platform. Lifestyle creators Anna Sitar @annaxsitar and Sofia Bella @iamsofiabella, along with small business owner Brandon Blackwood @brandonblackwoodnyc, will teach small business owners how to use TikTok as a search engine; leverage sounds, trends, hashtags and communities; and how to drive engagement with users. To help small businesses get discovered by new audiences, American Express has also partnered with musical artist Chlöe Bailey @chloebaileywashere to create a “Shop Small Soundtrack,” which TikTok users can add to their content. “The #ShopSmall Accelerator will help give small merchants the tools they need to reach the next generation of consumers on TikTok, where our Shop Small Impact Study found that 67% of Gen Z users have shopped from a small business that was displayed on their For You Page ,Shopping small has a significant impact on helping local communities, with two-thirds of every dollar spent at small businesses staying within the local community. Last year, consumers reported spending more than $23B shopping small on Small Business Saturday, and we want to exceed that in 2022.” Elizabeth Rutledge, Chief Marketing Officer, American Express "More and more American small businesses are turning to TikTok to take us inside their world in a fun authentic way, and as a result, they are reaching new customers, hiring more employees and growing their business. The real world impact is undeniable, with 44% of TikTok users saying that they discovered something on the platform and immediately went out to buy it, according to our Global Retail Path To Purchase Study," said Sofia Hernandez, Global Head of Business Marketing for TikTok. "This holiday season, the TikTok community is ready to #ShopSmall and support small businesses. Based on data in the Small Business Economic Impact Study from American Express, if every Gen Z and Millennial shopper spent $10 at a small business on Small Business Saturday, it would support $2 billion in local economic activity throughout the US.2 The study also found that $0.68 of every dollar spent at a small business in the US stays in the local community and that every dollar spent at small businesses creates an additional $0.48 in local business activity as a result of employees and local businesses purchasing local goods and services. 63% of small business owners said they want to grow their Gen Z and Millennial customer base this holiday season, and 50% agreed that Small Business Saturday is more critical than ever for their business this holiday shopping season. Small Business Saturday was created in 2010 to help small businesses and communities thrive. Since then, it has turned into a nationwide Shop Small movement that is celebrated annually and is critical for small businesses during the holiday shopping season. American Express provides ongoing support to small businesses year-round through the Shop Small Resource Hub where small business owners have access to complimentary marketing supplies and resources; Amex Offers for Merchants for services ranging from technology to shipping solutions; a new, dedicated Small Business Saturday page from Business Class, featuring insights, tips, and inspiration; and more. U.S. consumers can find American Express accepting independent retailers across the nation through the Shop Small Map and Card Members can access special Amex Offers from Small Merchants on the Shop Small Offer Hub here. ABOUT AMERICAN EXPRESS American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.

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FINANCE, BUSINESS STRATEGY

Counterpart Launches AI-Powered Crime Coverage For Small Businesses Backed by Aspen Insurance

Counterpart | September 16, 2022

Counterpart, the AI-driven management liability insurtech for small businesses, today announced the launch of Crime insurance. The policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. Backed by Aspen, the Crime insurance expansion reinforces Counterpart’s commitment to using its cutting-edge technology to address critical exposures of small businesses.Employee theft costs businesses $50 billion annually, and costs are rising at a rate of 15% per year, according to the U.S Department of Commerce. The new offering helps identify employee theft and social engineering perils by utilizing Counterpart’s proprietary machine learning-based underwriting system, which includes employee sentiment analysis, as well as proactive risk mitigation guidelines. “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to Crime risk. Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a Crime product that complements our existing insurance lines,We are grateful for the continued support of the well-respected team at Aspen, along with many of our broker partners, who have helped us develop a very competitive product.” Mike Levins, Head of Insurance at Counterpart Crime insurance is available for small businesses with less than 250 employees and less than $100 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart continues to impress CRC Group and the brokerage community with its effective and efficient quoting and binding tools. Now, with their Crime capabilities, we can rely on Counterpart as a one-stop shop for comprehensive management liability coverage for our valued Insureds,” said Dan Lazarz, Director, CRC - ExecPro Group. “Counterpart has established an impressive track record of innovation,” said Zac Clammer, Executive Vice President, Management Liability at Aspen. “We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.” Small businesses should contact their broker about Counterpart insurance coverage and can learn more about Counterpart’s products and services by visiting: yourcounterpart.com About Counterpart Counterpart is an AI-driven management liability insurance solution for the 21st century workplace. The company offers modern Directors & Officers, Employment Practices, Excess and Fiduciary products for small businesses. Through data mining and advanced analytics, the company's rating systems measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s distinctive approach to underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com About Aspen Insurance Holdings Limited Aspen provides insurance and reinsurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom, and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity, and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” (Strong) by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc.

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Spotlight

Sleep is directly related to your success in life, not to mention your health and well being. Here are the sleeping habits of 21 successful entrepreneurs. How do you stack up? Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them.

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