Nestled on the southern end of the Salt Lake Valley, Riverton, UT is a city that offers a friendly hometown atmosphere. Small businesses are welcomed and greeted with open arms by local residents. Businesses in this area have thrived from all of the attention, with a whole new world of opportunities now waiting at their fingertips. During previous years, there were 256,028 small businesses in Utah, providing employment to 504,279 people. Of course, owning a business is always risky. Recently, loss payouts to Utah businesses totaled $1,871,508.
Make sure your small business is protected with Riverton business insurance. Our Independent Insurance Agents specialize in helping businesses in Riverton select comprehensive commercial insurance that safeguards against the city's most common threats. The first step in protecting your small business is to make sure you have reliable general liability coverage. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Liability lawsuits happen every day and can financially ruin a small business. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. It takes only a single defective product to land you in the middle of an expensive liability lawsuit, but product liability insurance safeguards your business assets.
- Errors & Omissions/Professional Liability: If your business provides a service, such as contracting or consulting, professional liability insurance is the better choice. If you make a bad judgment call or offer some bad advice, professional liability insurance protects you. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for Riverton Businesses
- Recent Gross domestic product: 2.2%
- Recent Utah gross state product: 3.8%
- The recent GSP increase was 1.6% more than the recent GDP increase
What would you do if your business were destroyed in a massive earthquake? It could take months to rebuild, and in the meantime, you would be forced to close the doors. During the time it took to rebuild, you would lose precious revenue. Business interruption insurance steps in to pay you for the profits you may lose during unexpected interruptions. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
Property Insurance for Riverton Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Riverton is in a high-risk area for earthquakes, with 129 recorded since 1931. Make sure you’re prepared by investing in commercial property insurance. If your business is leveled in an earthquake, you can file a claim and get the funds you need to make the necessary repairs to get back to work as soon as possible.
Workers' Compensation for Riverton Businesses
Workman’s compensation is coverage that is essential before beginning the hiring process. If an employee claims illness or injury while on the job, your business's financial future could be at stake. Workers' compensation safeguards your business by paying for medical care and lost wages after a work-related injury. Across most of the United States, employers are now legally required to have workers' compensation coverage before hiring even a single employee.
Employee Coverages for Riverton Businesses
- 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
Employers are finding it more and more difficult to find affordable health care options to offer employees. Good benefits are important when looking for a loyal hardworking staff. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. Comparing quotes on different policies can help drastically cut rates for both you and your staff.
Cyber Crime Insurance for Riverton Businesses
- 1,586 identity theft complaints in Utah in recent
- Ranked #42 highest for identity theft complaints in the U.S.
Research shows that only 22% of small businesses have a response plan in place to deal with cyber attacks and data breaches. Cyber crime is a growing problem for Riverton small businesses. If your business doesn’t have a plan in place, it’s time to make one now. Hackers are a growing problem for small businesses in Utah, so make sure you’re prepared with cyber crime insurance.
This coverage safeguards your business assets and provides peace of mind that you’re covered even if you do find yourself in the midst of a serious data breach. Start your search for affordable insurance today by contacting an Independent Insurance Agent. Our experienced agents will help you navigate through all the different options and help point you toward the best coverage for your specific situation.
To learn more about your options for Riverton commercial insurance coverage, contact an agent and get a free rate quote today.