FOR IMMEDIATE RELEASE
NAIC LAUNCHES INSURE U FOR SMALL
NEW YORK (April 24, 2007) — The National Association of Insurance Commissioners (NAIC) today launched a comprehensive public education program to assist small businesses with information about business risks and insurance options. Under the banner of Insure U for Small Business, the campaign includes an online education site, public service announcements in English and Spanish, and community outreach by public information officers of state insurance departments.
The Insure U for Small Business curriculum, available at http://www.insureuonline.org/smallbusiness/, includes the following six categories of vital information to small businesses: workers’ compensation, group health and disability, business property and liability, commercial auto, group life and key person life, and home-based business insurance. After reviewing the curriculum’s helpful explanations, tips and considerations, small business owners and managers can test their knowledge about insurance issues by taking an online quiz. Upon successful completion, they can download an Insure U for Small Business diploma.
“Small businesses are a major engine for our national economy, employing millions of Americans and generating immense economic activity,” said Walter Bell, NAIC President and Commissioner of the Alabama Department of Insurance. “Small business owners need to understand the array of business risks they face, as well as how to protect themselves with the right insurance coverage. Insure U for Small Business — supported by state insurance departments across the U.S. — will help small business owners and managers make smarter insurance decisions.”
Research conducted by the NAIC in March revealed that many small businesses — defined as those with fewer than 100 employees — are exposed to serious risks that could be mitigated by a better understanding of insurance options, according to Catherine J. Weatherford, NAIC Executive Vice President and CEO. Key findings of the research show:
“Insure U for Small Business represents a major commitment by the NAIC and its members — the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories — to help small business owners,” Weatherford said. “It builds on the momentum of the NAIC’s highly successful Insure U consumer education program introduced a year ago.”
The U.S. Treasury’s Financial Literacy and Education Commission has embraced Insure U and made the program part of its National Financial Education Network.
In addition to launching Insure U for Small Business, the NAIC is expanding its efforts to help insurance consumers avoid being taken advantage of by insurance scams. Fighting fake insurance is the focus of newly updated English- and Spanish-language television public service announcements (PSAs) encouraging individuals to call their state insurance department prior to purchasing an insurance policy to confirm that they are dealing with a company or agent authorized to do business in their state.
Individuals may also call the NAIC’s toll–free telephone number to find consumer representatives in their home state insurance departments. The number is 866-470-NAIC (6242). For more information about insurance, consumers can visit http://www.insureuonline.org/ or, for the Spanish–language version, http://www.insureuonline.org/espanol/.
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.
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©2007 National Association of Insurance Commissioners. All rights reserved.