During previous years, there were 256,028 small businesses, employing 504,279 people headquartered in Utah; and nearly 4.400 of these businesses were based in Lehi, UT. As one of the fastest-growing cities in the country, Lehi is quickly becoming known as a premier technology and commercial hub. It is home to the headquarters of IM Flash Technologies and Xactware Solutions as well as a number of small businesses representing all industries. If you are among the business owners who have set up shop in this vibrant Utah city, you will want to be sure to protect your investment with a suitable Lehi commercial insurance policy.
Recently, businesses in Utah collected $1,871,508 in business insurance claims. This highlights how important having the right businesses coverage can be. However, building a wide-ranging insurance policy package for your business can often be a complicated endeavor. Fortunately, you can simplify the process by discussing your coverage needs with a local independent insurance agent. Your agent can make appropriate coverage recommendations and can work with several insurance companies to help you find the right coverage at a competitive price. Find an agent near you if you would like to learn more and begin comparing customized Lehi business insurance quotes.
- According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Even if the courts eventually decide in your favor, a liability lawsuit against your company can be extremely expensive. Legal defense fees alone can often cost thousands of dollars; and if key employees are called to testify, the lost productivity can cost your company as well. That is why it is imperative that your Lehi business insurance policy package includes general liability insurance as well as any other types of liability coverage that may be appropriate for your business. These policies shield your business from significant losses by covering legal defense fees, court costs, and financial damages for covered lawsuits. Your agent can further explain your many options, including such things as the following:
- Premises liability insurance: This insurance covers the costs associated with illnesses, injuries or property damage sustained by third parties because of an accident that occurred on your business premises. It is included as part of your policy’s general liability coverage.
- Product liability insurance: This insurance provides coverage if a product your company sells, produces or promotes somehow causes damage, illness or injuries to others. It is also included as part of your policy’s general liability coverage.
- Errors and omissions insurance: This is professional liability insurance that covers individuals in professional positions against lawsuits that may be brought about because of errors in judgement, failure to act in a timely manner and other professional mistakes. Medical malpractice insurance is an example of this sort of coverage, but there are specific policies for professionals of all stripes, from tax preparers to wedding photographers.
There are many other types of liability coverage, such as pollution liability insurance, employment practices liability and commercial auto liability insurance, and some may be a good fit for your business. Your agent can identify your liability exposures and recommend suitable coverage options to mitigate them.
Business Interruption Insurance for Lehi Small Businesses
- Recent gross domestic product (GDP) for U.S.: 2.2%
- Recent gross state product (GSP) for Utah: 3.8%
- The recent GSP increase was 1.6% more than the recent GDP increase
As a business owner, you can take pride in the contribution you are making to your local economy and Utah’s GSP. However, if a disaster, such as a structure fire, forces you to stop business operations for an extended length of time while repairs are made, the lost income during the forced closure can significantly affect your business finances. Additionally, if you are unable to pay key employees during the necessitated closure, you risk losing them to the competition.
You can avoid this problem by making sure that your Lehi commercial insurance policy includes business interruption insurance. That way, your business continues to collect the income it needs to pay monthly bills and employee salaries while your business is closed because of damage caused by a covered event. This insurance lasts until you are able to resume your normal business operations but is typically limited to 12 months.
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Property Insurance for Small Business in Lehi
- Number of natural recent disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Major disasters, like uncontrolled structure fires, can do more than just force your business to close for repairs. They can also result in extensive property damage. Your commercial property insurance covers your business-owned property, including such things as merchandise, inventory, computers, display cases, furniture, and outdoor signs.
Businesses in different industries frequently have varying coverage needs, so it is to your benefit to work with an experienced agent. That way, you can get advice about any additional property insurance types you may want to include with your business insurance policy. Also, be aware that flood and earthquake damage is typically excluded by Lehi commercial insurance policies. Fortunately, your agent can help you find supplemental earthquake insurance and commercial flood insurance to eliminate these exposures.
Workers' Compensation Insurance for Lehi Businesses
Utah requires all businesses that employ at least one worker to include workers' compensation insurance (also referred to as “workman’s comp”) as part of their business coverage. Independent contractors with no employees are exempt from this requirement. Workman’s comp covers the medical treatment of work-related injuries and illnesses. It also covers related expenses and lost wages during necessary time off. This insurance can prove quite beneficial, as it helps your business avoid a number of potential liability lawsuits related to workplace injuries and illnesses. Your agent can help you find an affordable policy that is appropriate for your particular business industry.
Employee Coverages for Small Business
- 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
The Patient Protection and Affordable Care Act includes an “employer mandate.” It stipulates that all U.S. companies with at least 50 full-time employees must provide these workers with subsidized health insurance coverage. Even if your Lehi business has fewer than 50 employees, including benefits like health and life insurance can help you attract and retain gifted employees, and might even qualify your small business for a federal tax credit. Your agent can help you review your employee coverage options so you get find an affordable coverage plan.
Cyber Crime Insurance for Small Business in Lehi
- Number of identity theft complaints in Utah in recent years: 1,586
- Ranked 42nd highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Across the nation, reports of electronic data theft are on the rise, so it is little wonder that more and more businesses are looking to obtain cyber crime coverage. This relatively new type of liability insurance protects your business from financial losses associated with lawsuits and the damages that may result if a hacker accesses personal or financial data about your customers, employees or other individuals that your company has collected or stored electronically. If your business is at risk, be sure to ask your agent about adding this important coverage to your Lehi business insurance policy package.
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Find the Right Lehi Commercial Insurance for Your Business
Every business has specific coverage needs relative to its location, size and industry and the services it provides. That is why commercial insurers don’t offer a one-size-fits-all insurance plan. When you work with an agent, you will have access to a professional who can provide guidance, explain your coverage options and make appropriate policy recommendations. You will also be able to easily compare Lehi business insurance quotes for policies that are customized to meet your specific business needs. That way, you can be sure that you are getting appropriate coverage at a competitive price.
Contact an agent near your business to learn more about your many options when it comes to buying Lehi commercial insurance.