During previous years, there were 256,028 small businesses that employed 504,279 people headquartered in the state of Utah. Approximately 800 of these businesses were based right here in Price. Price is an ideal city for small-business owners, particularly those who cater to the community. Whether your business employs several people or you are an independent contractor operating as a sole proprietor, it is important that you protect your business assets with a suitable Price business insurance policy. Consider this: Businesses in Utah collected $1,871,508 in business insurance claims in recent years.
Building a strong business insurance policy requires the help of someone who is familiar with the nuances of commercial insurance. That is why it is beneficial to work with an independent insurance agent in our network. These agents can help you identify exposures unique to your particular industry and can work with a number of reputable insurance companies to provide you with a selection of Price commercial insurance quotes. Find an agent near you to learn more.
Someone's filing of a lawsuit against your company can lead to financial losses significant enough to force your company into bankruptcy unless you have the right liability insurance coverage. Liability insurance provides compensation for legal defense, court costs and financial damages resulting from covered lawsuits. An agent can help you identify the types of liability insurance that you may want to include in your commercial insurance policy, including the following:
- General liability insurance: This insurance covers costs associated with third-party injuries and property damage that occur on your business premises. This is particularly important considering how expensive treatment for accidental 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 insurance provides coverage if your business is sued because of injuries or property damage caused by a product you produce, promote or sell. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- Professional liability insurance: This insurance, which is also called errors and omissions insurance, covers professionals in your employ against lawsuits brought on by mistakes or errors in judgment. Medical malpractice insurance is a well-known example of professional liability insurance. In this case, 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Price 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
Businesses in Utah contribute a lot to the gross domestic product. However, if a covered disaster, such as a fire, forces you to stop commercial operations while repairs are made, your business will not be generating any revenue. Protect your bottom line by making sure that your commercial insurance policy includes business interruption insurance. This insurance enables your Price, UT company to collect income while it is closed down so that you can continue to pay employee salaries and monthly expenses without suffering financial losses. This coverage typically lasts until you can resume normal business operations, up to 12 months.
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Property Insurance for Small Business in Price
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not.
Natural and man-made disasters, as well as property crimes, can damage your business-owned assets. This can result in significant financial losses for your company. Property insurance covers loss or damage to such things as inventory, computers, signage, display cases, furnishings, flooring, and décor. Because businesses in different industries have different property coverage needs, it is beneficial to work with an agent who can identify your exposures and recommend property coverage that can mitigate your potential losses.
Employee Coverages for Small Business
- 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
If your business employs at least 50 full-time employees, the Affordable Care Act (ACA) mandates that you provide them with subsidized health insurance coverage. Regardless of the size of your business, offering employees benefits such as life and health insurance can help you attract and retain talented candidates. Additionally, nearly all states require companies of all sizes to purchase workers' compensation insurance to cover their employees for the medical costs and lost wages associated with workplace injuries. This insurance has the added benefit of protecting your business from many potential lawsuits related to these injuries.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Utah: 1,586
- Ranked 42nd highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Because cyber insurance is a relatively new type of crime insurance, many businesses are still without coverage. However, as cyber crime becomes more commonplace, this insurance is growing in popularity. It provides coverage against lawsuits and damages in the event that cyber criminals hack into your computer system and steal sensitive customer information such as personal and financial data. Talk to your agent to learn more about how adding cyber crime insurance to your business insurance policy in Price can benefit your bottom line.
Find the Right Price Commercial Insurance for Your Business
Businesses vary significantly by industry and type. As such, each business has its own specific coverage needs. Agents in our network can help you identify your particular business’s unique exposures and can identify insurance coverage types that are designed to cover against them. These agents can also work with a variety of insurance companies to help you find the most affordable coverage as you build your insurance policy for your business in Price. There are several agents with offices in Utah, including in and around Price.
Find an agent near your home or business to discuss your coverage needs and compare commercial insurance quotes in Price.