During previous years, there were 256,028 small businesses, employing 504,279 people, based in the state of Utah. Approximately 24,000 of these businesses were headquartered in Salt Lake City. Whether you own a larger business like Sinclair Oil Corporation or Smith’s Food and Drug, or you are an independent contractor with no employees, it is important that you protect your assets against potential lawsuits with a Salt Lake City business insurance policy.
Consider this: In recent years, businesses in Utah collected $1,871,508 in business insurance claims. Building a strong insurance portfolio for your business can be tricky. Simplify the process by discussing your coverage needs with an independent insurance agent in our network. These agents can work with several different insurance companies to help you obtain and compare Salt Lake City commercial insurance quotes for policies designed specifically for your particular business.
Liability Insurance for Small Businesses in Salt Lake City
You have likely invested a lot of time and money into your business, and a single lawsuit has the potential to destroy everything you have worked for. Even if the courts rule in your favor, the cost of your legal defense alone could cost tens of thousands of dollars. That is why it is so important that your Salt Lake City business insurance portfolio includes the right kinds of liability coverage. This shields you from significant losses by covering your legal defense, court costs, and damages. An independent insurance agent can help you identify the types of liability insurance that are right for your business, including the following:
- General liability insurance: This covers the costs associated with property damage and injuries suffered by third-parties while they are on your business premises. This can be useful 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 say they feel the least prepared to handle this concern.
- Product liability insurance: This provides coverage if you get sued because a product you produce, sell or promote 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 called errors and omissions insurance, this covers professionals against lawsuits brought on by mistakes or errors in judgment. Medical malpractice insurance is an example of professional liability insurance. In fact, 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Salt Lake 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
Business in Utah generates a lot of revenue. However, a disaster, such as a fire or tornado, can force you to halt business operations while repairs are made, significantly impacting your business income. Make sure that your Salt Lake City commercial insurance portfolio includes business interruption insurance so that your company can continue to collect income that it can use to pay employee salaries and monthly expenses until you can resume normal business operations.
Property Insurance for Small Business in Salt Lake City
- 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 can result in significant losses to businesses. Property insurance covers loss or damage to business property such as computers, signs, inventory, furnishings, and décor. Businesses in the retail industry will have different coverage needs that businesses in the construction or manufacturing fields. That is why it is beneficial to work with a knowledgeable insurance agent as you build your Salt Lake City business insurance portfolio.
Employee Coverages for Small Business
- Total recent spending on premiums in Utah: $282,462
- Utah is 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
The Affordable Care Act (ACA) mandates that businesses with at least 50 full-time employees must provide them with subsidized health insurance coverage. Even if your business has fewer than 50 people, including benefits like health and life insurance can help you attract and retain strong employees. Furthermore, most states require all employers to purchase workers' compensation insurance. This provides coverage for injuries suffered by employees while on the job and can help your Salt Lake City business avoid a liability lawsuit.
Cyber Crime Insurance for 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 relatively new type of crime insurance available to businesses. It has become more and more necessary as electronic data theft is on the rise. If hackers access sensitive personal and financial information about your customers, they are put at risk, and they, in turn, can sue your business. Cyber liability insurance shields your Salt Lake City business from losses and covers damages such as the need to provide three years of credit monitoring services to those affected.
Find the Right Salt Lake City Commercial Insurance for Your Business
There are a number of different kinds of businesses, and each will have different insurance needs according to their industry, size and unique exposures. When you work with an independent insurance agent in our network, you will have access to information about your various coverage options as well as an easy way to compare Salt Lake City business insurance quotes. This will enable you to find coverage from a reputable insurer at a competitive price. There are several agents with offices in Utah.
Find an agent near your home or business to learn more about Salt Lake City commercial insurance.