The city of Cottonwood Heights is home to more than 4,000 businesses ranging from large corporations like JetBlue and Dyno Nobel to small freelancing firms run out of people’s homes. Regardless of the type of company you own, business insurance can help it stay profitable in times of disaster.
Building a comprehensive business insurance policy package can be a difficult task, but you do not need to tackle it alone. Independent insurance agents in Cottonwood Heights can help you obtain suitable coverage that is customized to meet your company’s specific coverage needs.
Talk to an independent insurance agent near you for help finding the best and most affordable business insurance coverage.
Why Is Liability Insurance Important for Businesses in Cottonwood Heights, UT?
Liability insurance is an essential part of every business insurance policy package. This insurance is designed to cover the various expenses related to liability lawsuits, including court costs, legal fees, and damages.
It is important to be sure that you have the right kinds of liability insurance to cover against each of your company’s exposures.
All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This insurance is designed to cover against some of the most common risks faced by businesses. It includes:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents that occur on your business property for which your company can be deemed responsible.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by design flaws or defects in the products your company produces, sells or promotes.
CGL is very useful, but it cannot cover against all liability risks businesses may face. An independent insurance agent can help you identify any additional liability exposures your company may have and can recommend the right policies to cover against them. Some policies your agent may recommend include:
- Cyber liability insurance: This covers financial losses, liabilities, and restitution to those affected if hackers break into your company’s computer system and steal sensitive information such as your customers’ personal data, credit card details, or Social Security numbers.
- Employment practices liability insurance: This covers your company against accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
- Environmental liability insurance: This covers clean-up costs and damages if an accident or disaster leads to the pollution of the ground, water, or air by toxic substances your company sells, uses, or produces.
- Liquor liability insurance: This covers businesses that serve alcoholic beverages. If an intoxicated patron goes on to cause injuries or property damage to another, Utah’s dram shop laws allow the injured party to sue your business for providing the alcohol if it was served to someone who was visibly intoxicated or under the age of 21.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Cottonwood Heights Business Insurance Cover All Your Business Assets?
Commercial property insurance is designed to cover repair or replacement costs if your business property is damaged due to a covered event. This insurance can cover a wide variety of business assets such as office furniture, supplies, computers, inventory, tools, and outdoor signs.
In Cottonwood Heights, businesses are most likely to experience property loss or damage caused by hazards like accidental fires, wildfires, severe storms, strong winds, and heavy snows. Fortunately, these hazards are all covered by commercial property insurance.
Some businesses may benefit from supplementing their commercial property insurance with specialized policies. Depending on the nature of your business, a local insurance agent may recommend policies such as:
- Flood insurance: This is important because commercial property insurance specifically excludes coverage against floods. Businesses located in the Big and Little Cottonwood Creek flood zones are most at risk, but when heavy rains fall, flooding is possible just about anywhere.
- Inland marine insurance: This covers your company’s portable property whenever it is in transit or is being stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken down essential equipment. It can also compensate your business for losses sustained due to the machinery malfunction.
- Bailee's insurance: This covers your customers' property whenever it is in your business’s custody, care, or control. This is a good idea if your company provides repair, alteration, or maintenance services on expensive items.
A local independent insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable your business to rebuild, repair, or replace lost or damaged property as needed.
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How Can Business Interruption Insurance Help Cottonwood Heights Businesses?
Wildfires pose a significant threat in the Cottonwood Heights area. If an out-of-control fire burns through this city and damages your business, it could take several weeks before you will be able to resume normal business operations.
Disasters in Utah
- Number of federally declared disasters in UT since 1953: 46
- Most common reasons for declared disasters: Wildfires, Floods, and Severe Storms
- Average number of tornadoes in UT per year: 3
A forced extended closure can be financially devastating for your company. Business interruption insurance was designed to provide a solution to this problem.
Business interruption insurance provides a continuation of income during the times that a covered hazard leads to a long-term forced closure. That way, your business will have the funds necessary to continue paying regular expenses like loan installments, bills, and employee salaries until you are able to safely resume normal operations.
Business interruption insurance isn’t ideal for every company. Talk to a local independent insurance agent for help determining whether a policy is a good fit for your Cottonwood Heights business.
Do Cottonwood Heights Businesses Need Worker's Compensation Insurance?
In Utah, all employers are required to cover their employees with worker's compensation insurance. Exceptions are made for agricultural laborers, casual or domestic workers, and real estate brokers. Sole proprietors, partners, and LLC members are not required to have coverage, but many choose to anyway.
Worker's compensation policies are designed to cover the cost of medical treatment, disability pay, and other expenses related to workplace injuries and occupational illnesses.
Premiums for worker's compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer serious injuries, the more it will cost for you to cover them. A tree trimmer would cost more to insure than a compliance officer at Goldman Sachs.
Worker's compensation policies may be purchased through a private insurer or through Utah’s state-administered fund. An independent insurance agent can shop around to help you find the best and most affordable policy.
What about Insurance Products for Employee Benefits Packages?
Studies done by human resources professionals have shown that when businesses offer their employees benefits like health insurance, life insurance, paid vacation time, sick time, and an employer-matched 401(k) plan, they find it easier to attract and retain highly qualified workers.
When you are shopping for policies to include in your employee benefits package, you will find there are many different products available for you to choose from. This can make it difficult to decide which make the best selections.
An independent insurance agent can explain the pros and cons of each of your options and can help you compare a variety of customized quotes. That way, you will be able to make an informed decision about which to purchase.
Why Work with an Independent Insurance Agent in Cottonwood Heights, UT?
Every company faces specific risks, which can vary significantly from one business to the next. That is why insurance companies enable business owners to fully customize their commercial coverage.
When you are shopping for business insurance, an independent agent can offer guidance and advice and can help you find the best and most competitively priced policies to cover your Cottonwood Heights business.
Set up a one-on-one consultation with an independent insurance agent near you to discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.