Veterans small business insurance and resources
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Transitioning from service member back to a civilian can be a difficult journey, especially when it comes to starting or restarting a career.
Fortunately, there are many resources available to help veterans reintegrate into the workforce and support them in their efforts to launch their own businesses.
Former service men and women can consider each of the following opportunities to find great recommendations for small business insurance, helpful entrepreneur training programs, and a few organizations that offer some of the best small business loans for veterans.
Insurance for veteran-owned small businesses
Veterans need the same kinds of small business insurance as any other small business owner, as they face the same kinds of risks.
Partnering with top insurance carriers allows us to help veteran business owners find the right insurance coverage that fits both their needs and their budget.
These are the types of business insurance you may need:
General liability insurance
General liability insurance is typically the first insurance policy a small business owner considers, as it’s often required to sign commercial leases and contracts.
It covers common third-party business risks such as customer injuries, damage to a customer’s property, and advertising injuries, such as libel or slander.
Commercial property insurance
Commercial property insurance helps pay for theft and damaged business property, including your building if you own it. That includes damage from fires, storms, and vandalism.
If you rent a commercial space, your landlord may require you to carry this coverage. Even when it’s not required, commercial property insurance is important for any small business that owns physical assets.
Business owner's policy (BOP)
A business owner’s policy combines your general liability insurance and commercial property insurance under one policy. It’s usually less expensive than buying each coverage separately.
Even when coverage isn’t required, a BOP is a wise choice for small businesses that work directly with the public and own valuable business property. This policy protects against financial losses from customer accidents and incidents like fires and burglaries.
Professional liability insurance
Professional liability insurance, also called errors and omissions insurance (E&O), insures you against client lawsuits over unsatisfactory work and missed deadlines.
Even the most experienced and thorough professional service provider makes mistakes. Unfortunately, clients may not be so understanding if your error costs them considerable time or revenue.
Workers' compensation insurance
Workers’ compensation insurance is required in most states for any business with employees and is often required for sole proprietors in riskier professions, such as roofing.
It covers medical costs and disability benefits from work-related injuries and illnesses, which are unlikely to be covered by regular health insurance.
Cyber insurance
Cyber insurance, also called cybersecurity insurance, covers the high costs of data breaches and malicious software attacks. It can help cover expenses such as customer notification, credit monitoring, legal fees, and fines.
Technology companies that face this risk should consider technology errors and omissions (tech E&O) insurance. This policy includes a specific type of cyber liability insurance that covers your legal costs when a client sues over a breach.
Commercial auto insurance
Commercial auto insurance covers legal bills, medical expenses, and property damage if one of your business vehicles is involved in an accident.
If you or your employees use personal, leased, or rented vehicles for business, hired and non-owned auto (HNOA) insurance can provide protection for work-related accidents that a personal auto policy is unlikely to cover.
Business networking and outreach
These resources give veteran small business owners access to networks, coaching, and community partners who can accelerate growth and open the door to new opportunities.
The Office of Small and Disadvantaged Business Utilization (OSDBU)
Veteran-owned businesses can leverage the Vets First Verification Program from the Office of Small and Disadvantaged Business Utilization to secure government contracts and expand their economic opportunities.
Veteran Entrepreneur Portal
The Department of Veterans Affairs’ Veteran Entrepreneur Portal provides veteran entrepreneurs with step-by-step guidance, funding options, federal contracting information, and other essential resources to help them launch and grow their business.
National Veteran Small Business Coalition (NVSBC)
Vets interested in getting federal contracts may want to check out the National Veteran Small Business Coalition. In addition to advocating for greater access to these opportunities, the NVSBC has a counseling program so senior-level individuals can share their business knowledge with new entities.
System for Award Management (SAM.gov)
Through SAM.gov, administered by the General Services Administration, businesses can register to work with the federal government and access a wide range of federal contracting opportunities and support resources.
National Veteran-Owned Business Association
Beyond training and mentorship, the National Veteran-Owned Business Association advocates for veteran entrepreneurs, helping them secure the opportunities they’ve earned. Be sure to add your business to its directory at BuyVeteran.com for greater visibility.
GallantFew
GallantFew connects service members and veterans with individualized mentoring and support to ensure a smooth and successful transition to civilian life.
Growing and developing a business
Help your small business thrive with these veteran-specific business resources.
SCORE Initiative
Service Corps of Retired Executives (SCORE) is a package of free software and services combined with the organization's mentoring program. Their stated goal is to accelerate business ownership for vets.
Institute for Veterans and Military Families
The Institute for Veterans and Military Families at Syracuse University has tons of resources for former military members and their families. In particular, take a look at its resources for starting and growing a business.
DAV Patriot Boot Camp
The DAV Patriot Boot Camp is a nonprofit organization that equips veterans and their spouses with the means to build technology companies. Programs include tech boot camps and alumni conferences, plus the group offers community support and access to resources.
Entrepreneurial education and training
Keep growing and developing your entrepreneurial skills with the following educational resources.
Veterans Business Outreach Center
The Veterans Business Outreach Center Program, run by the Small Business Administration (SBA), has 22 organizations participating in this cooperative agreement that serve as Veterans Business Outreach Centers (VBOCs).
These organizations offer:
- Transition assistance programs, such as Boots to Business classes, which offer an entrepreneurial education and training program for active-duty service members, National Guard, reserves, veterans, and spouses.
- Pre-business plan workshops, which educate veterans on entrepreneurship and self-employment.
- Concept assessments that help clients assess their entrepreneurial needs and requirements.
- Assistance with writing your business plan alongside advice from the SBA.
- Comprehensive feasibility analyses that can help analyze the strengths and weaknesses of your business plan.
- Entrepreneurial training and counseling tailored to the needs of veteran entrepreneurs, including service-disabled veterans and women veterans.
- Mentorship visits to review business plans and monthly financial statements as you grow your business.
VBOCs can also help you navigate its network of resource partners, including lenders and other SBA programs. Check out the Office of Veterans Business Development for more resources.
U.S. Veterans Magazine
While U.S. Veterans Magazine isn't solely focused on entrepreneurship, there are some articles that offer valuable tips for business-minded vets to help them develop their small business ideas.
American Corporate Partners
American Corporate Partners (ACP) is a nonprofit that helps returning veterans and active-duty spouses with career guidance, mentoring, and advice.
G.I. Jobs Magazine
G.I. Jobs eases the transition to civilian life with tips for finding the right job, school, and vocational training.
Warrior Rising
Warrior Rising is a non-profit organization dedicated to helping U.S. Military veterans achieve success in business through partnerships, mentoring and economic assistance. They help provide veterans with opportunities to create sustainable businesses, perpetuate the hiring of fellow U.S. Military veterans, and earn their future.
Hiring Our Heroes
Hiring Our Heroes (HOH) connects the military community—service members, military spouses, and veterans—with American businesses to create economic opportunity and a strong and diversified workforce.
Securing business financing or funding
Finance your business dreams with the following grants, loans, and other small business financing programs for veterans.
Work Opportunity Tax Credit
The Work Opportunity Tax Credit offers a tax credit to employers who hire individuals from certain disadvantaged groups, including veterans.
VetFran
Veterans interested in buying a franchise can turn to VetFran for news and opportunities, including financial discounts, mentorship, and training.
Hivers and Strivers
Securing a loan is tough without some experience. Vets who are true startups can turn to helpful investors like Hivers and Strivers. Founded and run by U.S. military academy graduates, the group provides startup business loans for veterans.
The founders of Street Shares are former military, so it makes sense they specialize in commercial loans for vets. Veterans with a credit score of 600+, no bankruptcies for three years, and at least one year in business may qualify for business loans.
Hiring Our Heroes Small Business Grant Program
Hiring Our Heroes’ Small Business Grant Program will honor the achievements of veteran- and military spouse-owned small businesses, highlighting their impact and contributions to local communities and America’s economic growth.
The program will award five such businesses with a one-time cash grant to be used to grow and support their business. Four of the businesses businesses will receive a $10,000 grant, and one will receive a $25,000 grant.
Award program application deadline can be found on the website, and is usually around the end of the calendar year.
Legal and compliance considerations
Veteran small business owners have to consider many legal and logistical factors when starting a new company.
For example, there are several different business structures to choose from based on the needs of the company.
Examples of business structures include:
- Limited liability companies (LLCs), which are ideal structures for individuals who want to protect their personal assets while operating a business. They're great for solo business owners and those who plan to hire employees.
- Sole proprietorships for single-person business entities, such as carpenters, house cleaners, and IT consultants.
- Nonprofits or 501(c)(3)s that work to enhance the community and help others.
Whether you're planning to open a startup or a home-based business, you'll want to carefully consider your business structure, factoring in things such as taxes, liabilities, and the type of goods or services offered.
Lastly, be sure to carefully check your local and state regulations when it comes to opening and running a small business. You may be required to carry certain licenses and permits in order to legally operate.
Get coverage that meets the needs of your veteran-owned business
Complete Insureon’s easy online application today to compare insurance quotes from top-rated U.S. carriers. Our licensed insurance agents are here to help veterans and civilians alike find the best small business insurance policies for their unique needs.
Once you find the right policy for your small business, you can receive your certificate of insurance and begin coverage in less than 24 hours.
Jess Holy, Senior Copywriter
Jess is a dedicated wordsmith fluent in marketing writing, grammar and a well-placed pun. She’s put her spin on content for national brands like Big Brothers Big Sisters of America and Ulta, as well as B2B technology vendors including IBM, Lenovo and Microsoft. Jess’ favorite part of her career is using writing to positively impact others; and when she’s not writing, she’s reading a book with a hot cup of coffee.
