Ogden is known as the heart of northern Utah and a hub for recreation, adventure, and opportunity. During previous years, 256,028 small businesses employed 504,279 employees in the state. The numbers show great success for Utah's economy, but situations arise and complications ensue. In fact, $1,871,508 was paid out to small businesses for losses recently. To ensure your small business in Ogden, UT is protected, talk to an Independent Insurance Agent about purchasing a commercial insurance policy.
Our agents will tailor coverages and customize policies to meet your needs. Ogden business insurance will keep your business running whether your office building has been damaged, a client has fallen in your parking lot or a hacker has accessed confidential information. Your small business needs protection from a number of threats. An Independent Insurance Agent can assess your insurance needs to cover you against property damage, bodily injury and so much more.
- 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 more than 30 percent said they felt the least prepared to handle this concern. General liability insurance protects against property or bodily injury claims, including something as simple as a customer slipping and falling. It's the most basic form of protection for your Ogden small business.
- Product Liability: Does your small business sell, produce or manufacture a product? If so, product liability insurance is for you. A national study found that the courts awarded at least $1 million in 71 percent of product liability cases and 53 percent of medical malpractice cases. If your production process mislabels warnings or creates a defect that causes an injury, you could be liable. Product liability insurance covers you against legal fees and compensation so you can stay financially sound.
- Professional Liability (or Errors & Omissions): If your Ogden small business provides professional services or regularly gives advice to clients, you should consider protecting yourself. E&O insurance covers you in the event of a lawsuit due to the services you perform. It's an extra piece of the puzzle that gives you ease of mind when working with your clients.
Business Interruption Insurance for Small Business
Utah sees its fair share of natural disasters, including wildfires, landslides and flooding. What would happen if one of those catastrophes caused your business to shut down? Business interruption insurance pays you for the profits you would normally be making after a disaster. Utah's recent gross state product was 3.8 percent — 1.6 percent higher than the recent gross domestic product. Small businesses in Utah's booming economy shouldn't deserve to lose their status. Consider adding the coverage to your Ogden business insurance policy so you can stay profitable during a temporary shutdown.
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Property Insurance for Small Business
Approximately 119 natural disasters hit the U.S. in recent years, and only 61 percent of losses from natural disasters were covered. The $9.7 billion of damage that was uncovered became a harsh reality for many small-business owners, as they had to figure out how to financially rebound. Don't let Mother Nature determine how you run your business. Let an Independent Insurance Agent help protect your physical property with the proper Ogden business insurance.
Employee Coverages for Small Business
Employees are the bread and butter of small businesses. And considering today's rising health care costs, it's more important than ever to give your employees the coverage they deserve. In recent years, small businesses spent $5,096 for a single person plan and $15,341 for a family plan, 9 percent and 4 percent lower than that of the national annual average. Additionally, Utah spent $282,562 on premiums — ranking No. 15 for the highest premium spent in the country.
You need to protect yourself as well. Nationally, the cost of workers' compensation coverage is $1.27 for every $100 in wages, and the average national cost of workers' compensation coverage per employee is $612. It's an affordable coverage that you can't skimp on, which is why you should talk to an Independent Insurance Agent today.
Cyber Crime Insurance for Small Business
Did you know that only 22 percent of small businesses have a cyber/data breach response plan? Utah saw 1,586 reported identity theft complaints in recent years — the 42nd highest in the country. It's a common scenario in today's modern world that shouldn't be avoided. Purchasing cyber crime insurance for your small business can protect you against things such as online hacking and accidental loss of confidential information.
As a small-business owner, you should focus on business operations instead of insurance needs. An Independent Insurance Agent will compare a variety of policy options, compare numerous quotes and find the most affordable coverage based on your small business's needs. Don't let your options overwhelm you; keep your Ogden business protected and safe.