Layton is the largest city in Davis County, UT, one of the fastest-growing counties in the country. Its booming economy provides a great location for a budding entrepreneur to start a small business. In fact, Utah was home to 356,028 small businesses in recent years, which created jobs for 504,279 employees. The numbers look promising, but combined with $1,871,508 in losses, these up-and-coming companies can't afford to skimp on proper commercial insurance coverage.
Our Independent Insurance Agents are able to compare a number of quotes, policies, and companies to find the best fit for you and your small-business needs. Regardless of your business's size or industry, our agents will work hard to protect your business in Layton. Whether a client falls in your parking lot or your product malfunctions or whether someone sues you due to your professional advice, liability insurance is essential for any small business in Layton. Here are a few baselines our Independent Insurance Agents want you to be aware of:
- General Liability: According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. To give yourself peace of mind, you need to shelter your Layton small business from bodily injury claims due to customer or employee falls and injuries on your business property.
- Product Liability: If your business produces, sells or manufactures a product, you could face a lawsuit. According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. If mislabeling or malfunction causes an injury to a customer, your Layton small business should be protected in case of an unwelcome scenario.
- Professional Liability: Consider talking to your Independent Insurance Agent about how a professional liability policy provides shelter if your Layton company gives professional advice. If you're sued for negligence, this coverage helps with defense costs, personal injury or copyright infringement.
Business Interruption Insurance for Small Business
Interested in making money even when your business's doors are shut? Consider business interruption insurance. If a disaster deems your business unusable, such a policy compensates you for lost income based on the revenue you would have earned if the situation hadn't occurred. An Independent Insurance Agent can add this coverage to your property insurance policy to ensure you don't fall into the red after a disaster.
Property Insurance for Small Business
Chances are your business's physical property is a key feature of your small company. But what happens when a fire, flood or tornado causes damage to your office space? 119 natural disasters struck the United States in recent years, and only 61 percent of losses were covered, while $9.7 billion from damage was not. Property insurance protects you against disasters so you can get repairs made and get back to business in a timely manner.
Employee Coverages for Small Business
Recently, Utah spent $282,462 on premiums — the 15th highest premium in the country. Broken down, the annual cost of health care for small businesses was $5,096 for a single plan and $15,341 for a family plan, 9 percent and 4 percent lower than that of the previous national averages, respectively. Providing your employees with comprehensive health and life insurance will boost morale and potentially help attract new talent. But what if something happens while they're on the job? Nationally, the cost of workers' compensation coverage is $1.27 for every $100 in wages, and the average cost of workers' compensation coverage per employee is $612. Look at your options with your local Layton agent to receive affordable coverage to protect your staff.
Cyber Crime Insurance for Small Business
Utah ranked as the 42nd highest for number of reported identity theft complaints in recent years. Those 1,586 complaints may not seem too alarming, but there's still a chance a hacker could access your company's data. Don't be part of the 78 percent of small businesses that don't have a cyber/data breach response plan. Let an Independent Insurance Agent compare quotes and find a cyber crime insurance policy that fits your small business's needs.
Whether you have a boutique with five employees, a burger joint with 25 or an auto shop with 50, a comprehensive commercial insurance policy should be foremost on your mind. As a small business, you're at risk for a number of situations and potential lawsuits. And because each company varies, you need customized insurance from an Independent Insurance Agent.