I'm afraid that's not always the case; like I said, there's no regulation to the term 'small batch'. So while that's certainly one use of the moniker, it's not the only one.
https://en.wikipedia.org/wiki/Small_batch_whiskey
I know, wikipedia. But it's pretty spot on.
There's the definition you just gave - "pot still distilling (a batch process) that is common for malt whiskey in Scotland and Ireland"
Then there's "mixing the contents of a relatively small number of selected barrels"
Then there's the maker's mark - a whiskey produced using "approximately 1,000 gallons or less (19 barrels) from a mash bill of around 200 bushels of grain"
Then there's the above example from Elijah Hill.
Small batch means different things to different companies.