Sandy Business Insurance

Everything you need to know about your commercial insurance policy in Sandy, UT.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to

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Sandy, UT is a desirable place to live in and a great place to work in or to expand a business. The community, a suburb of Salt Lake City, provides programs to help businesses grow and develop. Quick resources are available for business necessities such as permits and licenses. In Utah, there are 256,028 small businesses, employing 504,279 people. But starting a business doesn't come without risk. In fact, $1,871,508 was paid to small businesses for losses in recent years. 

Given the risk, it's important for every business owner to be insured against loss. Sandy business insurance can be customized to protect you from liability. Contact an Independent Insurance Agent, and you'll get multiple quotes that will make it possible to compare the price and coverage amount for policies from a variety of companies.

Liability Insurance for Small Business 

Lawsuits are a risk for any business, but good Sandy commercial insurance protects you from this risk. For example, if a person is injured on your property, liability insurance protects your business assets in the event of a lawsuit and pays for the injured party's medical bills. There are three types of liability insurance for you to consider.

General Liability

What if someone falls and is injured while on your property? You're protected if you have general liability insurance, which covers medical costs. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners cited medical cost inflation as their number one concern. A third of small-business owners said this is the concern for which they were least prepared. Yet good general liability insurance would protect them against financial loss.

Product Liability

Another risk to your livelihood is the possibility of your product harming someone or causing damage to someone's property. If the product you sell is defective, you could be found liable. 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more, according to a national study. Insurers' defense costs as a percentage of incurred losses are relatively high in some lines such as product liability, according to a Travelers report. You need Sandy commercial insurance to ensure you don't have to close your doors if you're sued.

Errors and Omissions/Professional Liability

The third type of liability coverage helps businesses that offer services rather than products. Nobody is perfect. Professional liability insurance protects you in case you make a mistake that could be ruled as negligence in court. A comparison is medical malpractice insurance for doctors. They carry this insurance in case they make a mistake that results in a lawsuit. Likewise, you need professional liability insurance in case you make a mistake that results in a customer's suing you. If you have professional liability insurance, you're protected against financial loss caused by a lawsuit.

Business Interruption Insurance Explained 

Did you ever think about what you would do if you became ill and couldn't operate your business? When that happens, businesses sometimes have to close. Fortunately, business interruption insurance is available to pay you the amount of income you would've earned if there hadn't been an interruption. In Utah, the gross state product in recent years was 3.8 percent, up 1.6 percent from the prior year (2.2 percent). With a growing economy, you can benefit by insuring your business against interruption.


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Commercial Property Insurance 

Imagine how devastating it would be to lose everything or not to have the funds to make needed repairs because of a natural disaster. Anything can happen. For example, recently there was $2 billion of wildfire damage to commercial buildings. The weather is unpredictable. In the U.S., there were 119 natural disasters in recent years. Only 61 percent of the losses were covered by insurance. The result: $9.7 billion of damage was not covered. With a commercial insurance policy, you protect your Sandy business and have the resources to repair damage to your property caused by natural disasters.

Employee Benefits

  • 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 (single)/$15,341 (family)

Health care costs are on the rise and workers' compensation costs add another layer to the amount a business owner must spend to retain employees. It's worth the price because hiring and retaining good people contributes to your business success. To attract the right staff, you want to have workers' compensation, employee health insurance, and employee life insurance.

Cyber Crime Insurance for Small Business

Cyber crime is a growing threat, but only 22 percent of small businesses have a cyber/data breach response plan. In Utah, there were 1,586 identity theft complaints in recent years, ranking it 42nd in the nation. Though cyber crime is less a threat in Utah than in other states, it's hard to say when a data breach could happen. This is a threat that was nonexistent not too many years ago, but with the rise of the Internet and its ever-expanding role in our lives, it will continue to be a threat in the years ahead. A Sandy insurance policy can include protection against cyber threat.

Sandy Commercial Insurance

Although businesses face many threats and risks, a business insurance policy can protect you from financial loss. Talk to an Independent Insurance Agent to ask questions and to get help customizing a plan that will fit your unique situation. Our agents will provide quotes from multiple companies so you can compare costs and coverage amounts. You'll find there are affordable Sandy business insurance plans to protect your business and property so you can be assured your future is secure.

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