During previous years, Utah was home to 256,028 small businesses, employing 504,279 people. Of these, more than 3,200 businesses were headquartered in Park City. As a sought after vacation destination, Park City is a great location for businesses catering to the tourist industry and local community alike. Whether you own a large business or you are an independent contractor acting as a sole proprietor, it is important that you protect your business assets against potential lawsuits by purchasing a Park City business insurance policy.
Recently, Utah businesses collected $1,871,508 in business insurance claims. These policies can protect your business as well. Let an Independent Insurance Agent help you build a Park City commercial insurance policy that is right for your particular business. Independent Insurance Agents work with several different insurance companies to help you review and compare competing policies and quotes.
Liability Insurance for Small Businesses in Park City
Lawsuits can happen at any time, and they can be financially devastating. Even if the courts rule in your favor, your legal defense fees alone could add up to tens of thousands of dollars. That is why it is so important that business insurance include the right liability coverage. This can shield you from significant financial losses by covering your legal defense, court costs and other expenses. An agent can help you identify the types of liability insurance that are right for your business. These may include the following:
- General liability insurance: This covers costs associated with injuries and property damage suffered by third-parties while on your business premises. This can be particularly beneficial considering how expensive treatment for injuries can be. 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.
- Product liability insurance: This covers your business if it is sued because a product you produce, promote or sell is defective and causes damage or injuries to others. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- Professional liability insurance: Also referred to as errors and omissions insurance, this covers those in professional positions against lawsuits brought on by mistakes or errors in judgement. Medical malpractice insurance is the most well-known example of professional liability insurance. In this particular example, 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Park City Small Businesses
- Recent Gross domestic product (GDP) for U.S.: 2.2%
- Recent Gross state product (GSP) for Utah: 3.8%
- The recent GSP was 1.6% higher than the recent GDP
Utah businesses generate a lot of revenue. However, if a disaster such as a fire or an earthquake forces you to halt business operations in Park City while repairs are made, the interruption can considerably impact your business income. If your commercial insurance policy includes business interruption insurance when a covered disaster strikes, you will be able to receive a continuation of income that will enable you to pay employee salaries and monthly expenses until repairs are made and you can resume normal business operations.
Property Insurance for Small Business in Park City
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage were not.
Natural disasters can result in significant losses to Park City businesses. Property insurance covers loss or damage to business property such as signs, inventory, furnishings, flooring, shelving and computers. Businesses in different industries will have very different property coverage needs. That is why it is to your advantage to work with a knowledgeable agent in Park City when you are building your business insurance policy.
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 Affordable Care Act (ACA) requires businesses that employ at least 50 full-time workers to provide them with subsidized health insurance coverage. Whether or not your business employs this many people, offering benefits like health and life insurance can help you attract and retain desirable employees. Our agents can help you review your options for this coverage. Furthermore, nearly all states require all employers to carry workers' compensation insurance. This insurance provides coverage for injuries suffered by employees while on the job. It also helps your business avoid a liability lawsuit.
Cyber Crime Insurance for Park City’s Small Business
- 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
Cyber insurance is a somewhat new type of crime insurance businesses can purchase. It protects your business from significant financial losses if hackers and data thieves steal sensitive personal and financial information you have on your customers. As a result, you may be liable for financial losses to banks and credit card companies as well as for purchasing credit monitoring services for those affected. This can add up significantly, so if you store or electronically collect customer data, be sure to add this coverage to your business insurance policy.
Find the Right Park City Commercial Insurance for Your Business
Businesses in Park City have many different insurance coverage needs depending on their industry, size and inherent risks. When you work with an independent agent in our network, you will have someone with whom you can discuss your many different coverage options. You will also find it easy to compare business insurance quotes for policies that are designed specifically to meet the needs of your particular business. Our agents have offices throughout the state of Utah, including in Park City.
Find an agent conveniently located near your home or business to learn more about building a customized commercial insurance policy at a great price.