Nestled in the picturesque Salt Lake Valley of Utah, Murray is the 14th largest city in the state. Known as “The Hub of Salt Lake County,” this town was once an industry giant but now offers more focus on locally-based retail business. Either way you look at it, Murray, UT is the perfect place to start a thriving small business. Murray offers businesses multiple opportunities right at their fingertips. 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.
The first step to running a successful business is to choose reliable business insurance. Our Independent Insurance Agents specialize in connecting local businesses with comprehensive Murray commercial insurance that safeguards against threats like liability, property damage, and even cyber crime. General liability insurance is the first coverage that a small business needs. 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. It is very important to make sure your investment is protected with the right kind of liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. It takes only one disgruntled customer, claiming an injury due to one of your products, to land you in the middle of an expensive liability lawsuit. Product liability insurance safeguards your business assets.
- Errors & Omissions/Professional Liability: For professionals such as contractors and consultants, professional liability coverage is a better choice. 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 Murray 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 wildfire is burning and your business is in its path. Your small business could be so damaged that it takes weeks or even months to make the repairs. Unfortunately, you have no choice but to shut down and lose precious revenue. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for Murray 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
Murray is considered a high risk for flash flooding, especially in areas located near ponds and lakes. Residents also face the risk of severe winter storms. 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.
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Workers' Compensation for Murray Businesses
Before hiring employees, make sure you have a reliable workers' compensation policy securely in place. 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 Murray Businesses
- Total recent spending on premiums in Utah: $282,462
- Ranked 15th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,096/person or $15,341/family
Health care costs are skyrocketing all across the country, and small businesses are really feeling the crunch. Offering benefits can go a long way in attracting a hard-working staff, but finding affordable rates in Murray can seem next to impossible. Our agents can help you find budget-friendly employee coverages by providing quotes from multiple policies. By taking the time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff.
Cyber Crime Insurance for Murray 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. If your Murray business doesn’t have a plan in place, it’s time to make one now. Hackers are a growing problem for small businesses in Utah, so make sure you’re prepared with cyber crime insurance. This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach.
If you are ready to begin your search for reliable business insurance in Murray, make a call to a friendly Independent Insurance Agent today. 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 Murray’s most common threats.
To learn more about your options for Murray business insurance coverage, contact an agent and get a free quote today.