During previous years, there were 256,028 small businesses, employing 504,279 people, headquartered in Utah. More than 8,500 of these businesses were based in Provo, and in fact, Forbes ranked this city #2 for businesses and careers. Whether you have a business that employs several people or an entrepreneurship with no employees, if you have a business based in Provo, UT, it is important that you protect your investment with a Provo commercial insurance policy. Consider this: Businesses in Utah collected $1,871,508 in business insurance claims in recent years.
Building a suitable Provo business insurance policy can be complicated, so you may benefit from working with someone who is familiar with the ins and outs of commercial insurance. Independent Insurance Agents in our network can help you identify and mitigate the exposures that are unique to your particular industry. These agents work with a number of reputable insurance companies so they can quickly and easily provide you with a selection of Provo business insurance quotes that are suitable to meet your company’s coverage needs.
General liability coverage is an important part of every commercial insurance policy. It can provide your company with compensation for court costs, legal defense fees, and financial damages if a covered lawsuit is brought against your company. An agent can help you understand this coverage and identify any other types of liability insurance, such as commercial vehicle liability coverage, that you may want to include in your Provo commercial insurance portfolio. Your agent will likely talk to you about the following options:
- Premises liability insurance: This is part of your general liability coverage. It covers third-party injuries and property damage that may occur on your business premises because of an accident. 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. Liability insurance covers the unexpected medical costs for which your business may be liable.
- Product liability insurance: This is also part of your general liability coverage. It covers your Provo business if it is sued because of injuries, illnesses or property damage caused by products you produce, sell or promote. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so as you can see, this insurance coverage can prove quite valuable.
- Errors and omissions insurance: Also known as professional liability insurance, this covers the professionals who work for you if they are sued for mistakes, errors in judgment or other professional blunders that cost clients financial or physical problems. Medical malpractice insurance is an example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see the importance of having this coverage in your Provo business insurance portfolio.
Business Interruption Insurance for Provo 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 make a significant contribution to the gross domestic product. However, if a covered disaster, such as fire or an explosion, forces you to shut down commercial operations for an extended time while repairs are made, your business will not be generating any revenue at all. In some cases, this can lead to commercial bankruptcy.
Be sure to protect your company’s finances by including business interruption insurance in your Provo commercial insurance policy. Business interruption insurance provides a continuation of income while your business is not operational due to damage caused by a covered event. With these funds, you can continue to pay key employee salaries and monthly expenses until you are able to resume normal business operations. This coverage typically expires after one year.
Property Insurance for Small Business in Provo
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Provo businesses have a rather low risk of facing serious weather-related events, but they do occasionally happen. Natural disasters, man-made disasters, and property crimes can all lead to significant damage to your business-owned property, which is why business property insurance is so important. Commercial property insurance covers business-owned property, such as signs, display cases, merchandise, computers, machinery, furnishings, and décor. Because the coverage needs of different types of businesses can be quite diverse, it is beneficial to work with an agent who can recommend appropriate property coverage types, such as inland marine insurance.
Workers' Compensation for Provo Businesses
Every state has its own laws pertaining to workers' compensation insurance. In Utah, all businesses with at least one employee must carry workman’s comp insurance. The only exceptions are independent contractors and sole proprietors who do not hire employees. Workers' compensation insurance covers medical costs and lost wages associated with workplace injuries and protects your business from liability lawsuits related to employee injuries.
Employee Coverages for Small Businesses in Provo
- 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 Provo business has at least 50 full-time employees, you are required by the Affordable Care Act (ACA) to provide them with subsidized health insurance coverage. Even if you are not required to offer it, benefits such as life and health insurance can help you attract and retain talented employees, so talk to your agent about finding suitably priced options.
Cyber Crime Insurance for Small Business in Provo
- 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
Electronic data theft is on the rise, and the damage that results from a data breach is often quite expensive. However, because cyber crime insurance is a somewhat new insurance offering, many businesses are still without this important coverage. Cyber crime insurance covers your business against lawsuits and damages that may result if 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 Provo business insurance portfolio can be advantageous.
Find the Right Provo Commercial Insurance for Your Business
Every company has specific coverage needs, and there are commercial insurance policies that cater to different business industries. Agents in our network can help you identify the hazards faced by your particular business, and they can recommend the right coverage types to eliminate these exposures. Independent agents are free to work with several different insurance companies, so our agents can help you find the policies that provide the most value for your money as you build your Provo business insurance portfolio. There are many local agents with offices in Utah, including in and around the town of Provo.
Find an agent near you to get more information, discuss your coverage needs and compare Provo commercial insurance quotes.