There are hundreds of businesses in the small city of Pleasant Grove, UT. From sole proprietors working out of their homes to the many businesses that line State Street, each of these companies can benefit from the protections offered by a solid business insurance policy package.
Putting together a comprehensive business insurance plan for your company can be difficult, but it doesn’t need to be. Independent agents can help by identifying each of your company’s specific exposures and recommending the best and most affordable policies to cover against them.
Contact an insurance agent in “Utah’s City of Trees” to learn more.
Why Do Pleasant Grove, Utah Businesses Need Liability Insurance?
If a liability lawsuit is filed against your company, the resulting costs can be extremely expensive. This is true even if the courts ultimately rule in your company’s favor, since lawyers’ fees and lost work time can add up quickly.
Business liability insurance is designed to cover court costs, legal defense fees, and financial damages if your company is sued for a covered event. However, you will need to be certain that you are prepared with the right liability insurance policies in place to cover against each of the potential exposures your business has.
A local independent agent can help you identify all of your company’s liability risks and can recommend the appropriate policies to cover against each of them. That way, you do not need to worry about having any unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that are caused by an accident on your business premises for which your company can be deemed responsible.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that are caused by defects or design flaws in products your business produces, sells or promotes.
- Commercial vehicle liability insurance: This is required if your company owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident that results in property damage or injuries to others while operating a company-owned vehicle.
- Cyber liability insurance: This can cover your company’s financial responsibilities if criminals hack into your computer system and steal your customers’ sensitive data like Social Security numbers, financial details, or personal information.
- Employment practices liability insurance: This can cover your company against accusations of illegal employment practices like discrimination, harassment, breach of contract, and wrongful termination by a current, former, or potential employee.
- Liquor liability insurance: This can cover against lawsuits related to damage or injuries caused by an intoxicated patron of your establishment. This is necessary because Utah’s dram shop laws enable the injured party to sue the establishment that provided the alcohol to the perpetrator if it was served to someone under the age of 21 or to someone who was visibly intoxicated at the time.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Pleasant Grove.
What Insurance Products Cover Your Business Property?
Businesses in Pleasant Grove, UT are most likely to experience property loss or damage due to hazards like structure fires, thefts, severe storms, gusty winds, tornadoes, hail, heavy snows, and freezing temperatures.
Commercial property insurance is designed to cover against loss or damage caused by these risks. This insurance covers business assets such as computers, furniture, supplies, inventory, merchandise, outdoor signs, and more.
Sometimes, additional property insurance products are necessary. Depending on the risks faced by your particular business, your insurance agent may recommend supplementing your commercial property insurance with optional products such as:
- Flood insurance: This is important because flood damage, which can be expensive, is excluded from your commercial property insurance coverage. Businesses located near the North Union Canal, Grove Creek, and Battle Creek are most at risk, but when heavy rains fall, drainage systems can become overwhelmed and flash flooding can occur just about anywhere in this city.
- Earthquake insurance: Like floods, earthquakes are excluded from commercial property insurance coverage. Earthquake activity in the Pleasant Grove area is 273% greater than the national average, so you may want to consider purchasing an earthquake insurance policy for your business.
- Inland marine insurance: This can cover your company’s portable property whenever it is being transported or is being kept at a location other than your place of business, such as a job site or a warehouse.
- Bailee's insurance: This can cover your customer’s property whenever it is in your company’s care, custody, or control. This may be essential if your business provides repair, alteration, or maintenance services on expensive items.
- Boiler & machinery insurance: This can cover the cost to repair or replace your business’s essential machinery if it breaks down or malfunctions. It can also cover any financial losses your business may sustain as a result.
A local insurance agent can help you be certain that all your valuable business assets are suitably covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
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Is Business Interruption Insurance a Good Idea in Pleasant Grove, UT?
In September of 2020, a wildfire known as “The Battle Creek 2 Fire” threatened parts of Pleasant Grove. Fortunately, the flames were brought under control before anything in this city was damaged.
A major disaster like a wildfire or an accidental structure fire can do more than just damage your company’s valuable property. If the destruction is particularly severe, your business might be forced to remain closed for several weeks while repairs are made.
Disasters in Utah
- Number of federally declared disasters in UT since 1953: 46
- Most common reasons for declared disasters: Wildfires, floods, and severe storms
- Average number of tornadoes in UT per year: 3
Many small businesses cannot survive the financial consequences of long-term closure following a disaster. Fortunately, business interruption insurance provides a solution to this problem.
This insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to damage caused by a covered event. That way, your business can afford to keep paying regular expenses such as loan installments, bill payments, and employee salaries while you are still unable to safely resume normal operations.
Consult a local independent insurance agent for help determining whether business interruption insurance is a good fit for your Pleasant Grove business.
Do Businesses in Pleasant Grove Need Worker's Compensation Insurance?
Unfortunately, workers sometimes get injured on the job. This happens even when all reasonable precautions have been taken. That is why, with few exceptions, all employers in Utah are required to carry worker's compensation insurance.
Worker's compensation insurance is designed to shield both your business and your employees from financial losses related to workplace injuries and occupational illnesses. It does this by covering the cost of related medical treatment, follow-up care, disability pay, and other expenses.
A local independent insurance agent can help you find a suitable policy at a great price by comparing policies and quotes from a few competing insurers that specialize in covering businesses like yours.
What about Insurance Products for Employee Benefits Packages?
Many businesses find it easier to attract and retain highly qualified employees when they offer an attractive benefits package. This has been demonstrated in several studies conducted by human resources professionals.
When shopping for health insurance and life insurance products to include in your employee benefits package, you will find that there are several different kinds of coverage available to choose from. This can make it difficult to decide which policies make the best choices.
An experienced independent insurance agent in Pleasant Grove can explain the pros and cons of each of your various options, such as HMOs, PPOs, and managed care plans, so that you are equipped to make an informed decision about which to purchase.
Your agent can also obtain a variety of quotes from competing insurance companies so you can find suitable coverage at an affordable price.
Why Work with an Independent Insurance Agent in Pleasant Grove, UT?
Independent agents simplify the process of shopping for business insurance by offering guidance and advice as you consider your various policy options. These agents are not tied to a single insurance company, so they are free to shop around to help you find the best and most affordable policies.
Set up a one-on-one consultation with an insurance agent near you to get more information about business insurance and to start comparing customized quotes from a selection of competing providers.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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