Located just 20 miles south of Salt Lake City, Draper, UT is a growing city with a low crime rate and a great school system. Small businesses thrive in this community and have for decades. Unfortunately, residents do face a serious disadvantage due to severe weather from time to time. During previous years, there were 256,028 small businesses in Utah, providing employment to 504,279 people. Of course, owning a business is always risky. Recently, loss payouts to Utah businesses totaled $1,871,508. As a business owner in this area, take steps to protect your investment with Draper business insurance.
Our Independent Insurance Agents specialize in helping businesses in Draper select comprehensive commercial insurance that safeguards against threats like liability, property damage and even cyber crime. Liability lawsuits happen every single day and can be financially devastate a small business that isn't prepared. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Make sure your business can survive liability threats by having the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Product liability is a great choice for companies that manufacture a physical product. If a customer claims an illness or injury due to one of your products, product liability insurance steps in and provides the resources for a legal defense. This type of insurance also pays any court-ordered payouts.
- Errors & Omissions/Professional Liability: For businesses that provide services rather than sell products, professional liability insurance is the best option. This type of coverage protects you against accusations of errors and omissions. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for Draper Businesses
- Recent Gross domestic product: 2.2%
- Recent Utah gross state product: 3.8%
- The recent GSP increase was 1.6% more than the recent GDP increase
Imagine for a moment that a massive earthquake has leveled your business and caused horrible property damage. It will take months to repair the damage, and during that time, you will be forced to close the doors. This means a loss in revenue for your small business. Business interruption insurance steps in to pay you for the profits you lost during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for Draper Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Draper is at a high risk for earthquakes, the largest on record being a 4.7 magnitude in 1981. Summer storms also plague this area, causing dangerous lightning and flooding. Make sure you’re prepared by investing in commercial property insurance. If your business gets thrashed in a storm, you can file a claim with your business insurance company and get the funds you need to make repairs and get back to work as soon as possible.
Workers' Compensation for Draper Businesses
If an employee is injured on the job, you could be facing a major lawsuit. Workers' compensation safeguards your business by paying for medical care and lost wages after a work-related injury. Across most of the United States, employers are now legally required to have workers' compensation coverage before hiring even a single employee.
Employee Coverages for Draper Businesses
- Total recent spending on premiums in Utah: $282,462
- Ranked 15th for highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,096/person or $15,341/family
With health care costs on the rise, it’s becoming increasingly difficult to find affordable health and life insurance benefits for your staff. Our agents will walk you through the process to find affordable employee coverages by showing you quotes from multiple policies. By taking time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff.
Cyber Crime Insurance for Draper Businesses
- 1,586 identity theft complaints in Utah in recent years
- Ranked #42 highest for identity theft complaints in the U.S.
Research shows that only 22% of small businesses have a response plan in place to deal with cyber attacks and data breaches. Technology is always changing and has become a large part of running a small business. It provides many advantages, but also opens the risk of cyber crime. It is important to have a plan in place in the event you have a serious data breach or fall victim to a hacker. The ultimate protection is having cyber crime coverage as part of your comprehensive business insurance policy.
Finding affordable business insurance in Draper starts with a call to our friendly Independent Insurance Agents. Our experienced agents can walk you through your options, answer your questions and point you toward the coverages that will best protect your small business against Draper’s most common threats.
To learn more about your options for Draper commercial insurance coverage, contact an agent and get a free quote today.