VIEWS: 4 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 5/20/2010
There are more than one million social service businesses in the US, providing some $2.2 billion in premium, according to data compiled by MarketStance, Middletown, CT. With the vast majority of these enterprises being non-employer (894,000), small accounts (143,000), or middle market accounts (11,000), they are perfect targets for independent agents. Adding to the attraction of significant premium potential, the social services market also appears to be relatively recession proof when compared to all industries. Child day care services represent the largest sector with 769,000 enterprises spread across the country generating $460 million in premium. Other individual and family social service businesses represent the second largest category with 94,000, followed by services for the elderly and persons with disabilities, where there are 51,000 businesses. Social service businesses are concentrated in the large population states, with about 40% of the enterprises and premium in only six states -- California, Illinois, Michigan, New York, Pennsylvania and Texas.
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