Logan Business Insurance

The Complete Logan, UT Business Insurance Guide

Find the right insurance for your business.

During previous years, there were 256,028 small businesses that employed 504,279 people headquartered in Utah — and more than 3,800 of these businesses were based in the city of Logan, UT. These businesses include everything from manufacturing plants to family-owned diners to independent contractors who work out of home offices. Regardless of the industry your business operates in, you will want to be sure to protect the investment you have made in it with a suitable Logan commercial insurance policy. Recently, businesses in Utah collected $1,871,508 in business insurance claims, which highlights how important this coverage is.

Building a wide-ranging insurance policy that can adequately protect your small business from all of its various hazards can sometimes be a complicated endeavor. Fortunately, you can simplify the process by working with an independent insurance agent. They can work with several different insurance companies to help you find the best policies to meet your business’s coverage and budgetary needs. Find an agent with an office near you to learn more, and compare customized Logan business insurance quotes with an experienced professional.

  • 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.

It can be very expensive to have a liability lawsuit brought against your company. Without the proper insurance in place, the cost of a lawsuit can be financially damaging, in some cases even leading to commercial bankruptcy. Even if the courts ultimately rule in your favor, legal defense fees alone can potentially amount to tens of thousands of dollars. Your business insurance policy includes general liability insurance, which can protect your company against many common hazards. Your agent can identify additional liability exposures your company may face and can recommend the right types of policies to mitigate them. Some coverage your agent may talk to you about includes the following:

  • Premises liability insurance: This coverage is included as part of your policy’s general liability insurance. It can cover the costs associated with accidental injuries, illnesses, or property damage when it is sustained by third parties as the result of an accident on your business premises.
  • Product liability insurance: This coverage is also included as part of your policy’s general liability insurance. It covers the costs associated with a lawsuit if a product your company sells, produces or promotes causes damage, illness or injuries to others.
  • Professional liability insurance: Also referred to as errors and omissions insurance, this coverage protects individuals in professional positions against lawsuits due to failure to act, errors in judgment and other professional mistakes. Medical malpractice insurance is an example of this sort of coverage, though there are policies in place for professionals in all kinds of jobs ranging from wedding photographers to architects.

There are many other types of liability coverage, such as completed operations liability insurance, commercial auto liability insurance and employment practices liability insurance. Some may be a good fit for your business. Your agent can help you identify your company’s various liability exposures and can recommend appropriate policies to mitigate those risks.

Business Interruption Insurance for Logan 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

If a major disaster, such as an uncontrolled structure fire or an explosion, forces you to shut down your business operations for an extended time while repairs are made, the lost income can significantly deplete your business revenues. Furthermore, if you are unable to pay your employees during the compelled closure, you may lose them to the competition.

You can avoid this problem and protect your bottom line by making sure that your Logan commercial insurance policy package includes business interruption insurance. That way, your company continues to collect the income it needs to pay monthly expenses and employee salaries throughout the forced closure. This coverage stays in effect until you are able to resume your normal business operations, but it is usually limited to 12 months.

Property Insurance for Small Business in Logan

  • Number of recent natural disasters in the U.S.: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Your business insurance policy includes commercial property insurance. This coverage compensates your company for loss or damage to your business-owned property. Covered property typically includes such things as merchandise, inventory, computers, outdoor signs, tools and machinery, furniture, and more. Some businesses have increased property coverage needs and may benefit from supplementing their commercial property insurance with additional policies, such as these:

  • Inland marine insurance, which covers property while in transit, such as to and from job sites
  • Spoilage insurance, which covers perishable goods if a power failure causes them to go bad
  • Boiler and machinery insurance, which covers the repair or replacement of necessary machinery, such as an HVAC system, if it fails and prevents you from opening your business

Your agent will be able to guide you and offer recommendations that are suitable to your particular company.

Workers' Compensation Insurance for Logan Businesses

Utah requires all businesses with at least one employee to include workers' compensation insurance (colloquially referred to as “workman’s comp”) as part of their business insurance coverage. Independent contractors with no employees and agricultural employers with less than $50,000 in payroll are exempt from this requirement. Workman’s comp insurance covers the medical treatment of work-related injuries and illnesses. 

It also covers other related expenses such as lost wages resulting from necessary time off. This coverage benefits your employees, but it also benefits your business because it can prevent a number of potential lawsuits related to workplace injuries. Your agent can help you find affordable coverage that is appropriate for businesses that operate in your 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 price of health care for small businesses in recent years: $5,096/person or $15,341/family

There is an employer mandate included in the Affordable Care Act of 2010 (ACA). It requires all U.S. companies that have at least 50 full-time employees to provide these workers with affordable, subsidized health insurance. Even if your Logan-based business has fewer than 50 employees, including benefits like health and life insurance may help you attract and retain a strong staff of employees. Some small businesses will even qualify for federal tax credits of up to 35 percent of their cost of premiums. If you are interested in learning more, your agent can help you review a selection of affordable coverage options.

Cyber Crime Insurance for Small Business in Logan

  • 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

Reports of electronic data theft and hacking continue to rise, so an increasing number of businesses are seeking to obtain cyber crime coverage. This relatively new kind of liability insurance protects your business from the myriad financial losses that may result if criminals access personal or financial data that your business has collected or stored electronically about your employees, customers or other individuals. If your business is at risk for electronic data theft, be sure to ask your agent for more information about adding this important coverage to your Logan business insurance policy package.

Find the Right Logan Commercial Insurance for Your Business

Businesses frequently have different coverage needs relative to their size, industry, location, and operations. That is why there is no such thing as a standard, the one-size-fits-all commercial insurance plan. When you work with an agent, you will have access to a knowledgeable professional who can help you identify your business’s exposures, explain your various coverage options and offer policy and coverage limit recommendations. You will also find it easy to compare customized Logan business insurance quotes. That way, you can be sure that you are getting appropriate coverage at a competitive price. 

Contact an agent near you to learn more about Logan commercial insurance, and discover the value the agents can offer your company.

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