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How women can protect the financial future of their business

woman in hard hat

The number of women-owned businesses is steadily growing all over the world1—but this growth doesn’t always come easy. In fact, women often face challenges that men don’t – challenges that can negatively affect the success of their business.

These key steps can help women protect their business’ financial future.

  1. Get the support you need.

    Women-owned startups receive just 7% of venture funds and take roughly $35,000 less in business financing than their male counterparts.2 In addition, women often find it more difficult to connect with fellow women entrepreneurs or women in leadership positions who can help them along the way. To get the financial and business support they need, women should seek out venture capital firms, networking events, and business centers that are founded or run by women, have a strong history of investing in women, or are designed specifically to help women start and run successful businesses.

  1. Believe in yourself.

    According to the Center for Women’s Entrepreneurial Leadership at Babson College, fear of failure is consistently higher among women than men. Many women simply lack the confidence – not the competence – to succeed in a business venture. However, studies have also shown that women-led businesses outperform those led by men. So, while businesses founded or co-founded by women may receive less than half the investment money male entrepreneurs do, businesses with women at the helm deliver higher revenue – on average, more than twice as much per dollar invested.3 So, feel confident in your abilities and you’ll be well on your way to making your business a success!

  2. Find the right work/life balance.

    Many women business owners are not just entrepreneurs but wives and mothers too. Finding the right balance between the different parts of your life can be challenging, but is not impossible. Look to others for support so you don’t have to carry the burden yourself; set realistic expectations and boundaries; and set aside time for yourself. Learning to say “no” and to stop comparing yourself to others is also important. In many ways, being an entrepreneur may actually help you – because you’re in charge of your own career, instead of having someone else make the rules.

  3. Get the insurance coverage you need.

    If something happens to your business – say you suffer a cyberattack, property damage, or you are sued because of an error you made in providing a professional service – you’ll want to have the right insurance policies in place to help you get back on track. Here are some key insurance coverages to consider purchasing for your business:

    • Business Owner Policy (BOP) – Includes three primary types of insurance to help make you whole again if: (1) you or your company accidently cause someone else reputational or bodily injury (called general liability); (2) your business, products, or contents are damaged or lost (called property coverage); and (3) you lost income before your business gets back up and running after a claim (called business income interruption).
    • Cyber insurance – Provides your business with resources, support, and reimbursement if you are a victim of a cybercrime, ransomware demand, accidentally share private data or delete client information, or lose income due to a cyberattack.
    • Professional Liability – Also known as Errors & Omissions insurance, this is a must for businesses that deliver professional services. The policy provides for your legal defense if you are sued due to negligence or mistakes you made while providing professional services, or even if you didn’t do anything wrong but your customer believes you gave bad advice or inferior service and sues you for damages.
    • Worker’s Compensation – If you have even one employee, your state may require you to provide this type of insurance. Even if it doesn’t, you’re smart to purchase a policy, as Worker’s Compensation will pay for medical expenses, rehabilitation services, lost wages, and retraining for your employees who become injured or ill performing job-related duties.


This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.

Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.


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