During previous years, there were 256,028 small businesses, employing 504,279 people, headquartered in Utah. Nearly 5,500 of these businesses were based in South Jordan, UT. Businesses in the retail trade; manufacturing; and professional, scientific and technical services industries are most abundant in this city, but companies representing all industries are thriving here. Whether your business has several employees, like Ultradent Products, or no employees, if you have a business based in this scenic Utah city, it is important that you protect your investment with a suitable South Jordan commercial insurance policy. Consider this: Businesses in Utah collected $1,871,508 in business insurance claims in recent years.
Building a solid South Jordan business insurance package is often quite complicated, so you can benefit from working with a professional who is familiar with the various aspects of commercial insurance. Our independent insurance agents can help you identify and mitigate the hazards that are specific to your particular business. These agents can also work with a number of highly-rated insurance companies to provide you with a selection of customized South Jordan business insurance quotes that you can review and compare together. Find an agent near you to learn more.
General liability coverage is an important part of every business insurance policy. It provides compensation for court costs, legal defense fees, and financial damages if a covered lawsuit is filed against your company. Your local agent can help you understand this coverage and can identify and recommend any other types of liability insurance, such as employment practices liability coverage or pollution liability coverage, that may be appropriate to include in your South Jordan commercial insurance policy package. Your agent can explain such common coverage types as the following:
- Premises liability insurance: This is part of your policy’s standard general liability insurance. It covers third-party injuries, illnesses and property damage that may occur because of an accident that takes place on your business premises. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and over 30% said they felt the least prepared to handle this concern. This insurance covers the unexpected medical costs for which your business may be deemed liable.
- Product liability insurance: This is also part of your policy’s standard general liability insurance. It covers your South Jordan-based business if it is sued because of injuries, illnesses or property damage caused by products that are produced, promoted or sold by your company. According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Bearing this in mind, you can see how this insurance coverage may prove quite valuable.
- Errors and omissions insurance: This is professional liability insurance. It covers individuals in professional positions if they are sued for mistakes, errors in judgment or other professional errors that cause their clients to experience financial damage, harm or intangible aggravation. Medical malpractice insurance is an example of professional liability insurance. Considering that 53% of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see how important this coverage can be. There are policies designed to cover those in professional positions ranging from real estate agents to wedding photographers.
Business Interruption Insurance for South Jordan Small Businesses
- Recent gross domestic product (GDP) for U.S.: 2.2%
- Recent gross state product (GSP) for Utah: 3.8%
- The recent GSP increase was 1.6% more than the recent GDP increase
Businesses in South Jordan make a significant contribution to Utah’s gross state product. However, if a covered disaster, such as an explosion or an uncontrolled fire, forces you to shut down your company’s commercial operations for an extended time while repairs are made, your business will not be generating any revenue at all during that time. In some cases, this has the potential to lead a small business into commercial bankruptcy. Fortunately, you can protect your company’s finances from this hazard by including business interruption insurance as part of your South Jordan commercial insurance policy package.
This insurance provides a continuation of income while your business is not operational because of damage caused by a covered event. This compensation enables your business to continue to pay employee salaries and monthly expenses during the time that it is inoperable without the need to experience financial setbacks. Business interruption coverage lasts until you are able to resume normal business operations, but in many cases, it expires after one year.
Property Insurance for Small Business in South Jordan
- 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
A disaster, such as a structure fire, can cause a lot of damage and destruction. Commercial property insurance is included in your business insurance policy. It covers your business-owned property, such as outdoor signs, display cases, merchandise, tools and machinery, furniture and computers. Because business coverage needs can vary from one company to the next, it is beneficial to work with an agent, who can recommend additional property coverage policies, such as inland marine insurance or spoilage insurance, if they are appropriate for your small business.
Workers' Compensation for South Jordan Businesses
Workers' compensation insurance laws are set by the states in which the business operates. In Utah, all businesses with at least one employee must carry workman’s comp insurance. The only businesses that do not need to invest in this coverage are independent contractors and sole proprietors who do not hire employees and agricultural employers with a payroll of less than $50,000.
Workers' compensation insurance (or “workman’s comp” as it is often called) covers the medical costs and lost wages associated with workplace injuries and work-related illnesses, and it can protect your business from related liability lawsuits. Your local agent can help you find an affordable workman’s comp policy that is suitable for your particular business.
Employee Coverages for Small Businesses in South Jordan
- 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 South Jordan business employs at least 50 full-time workers, you are required by the Affordable Care Act’s “employer mandate” to provide these employees with subsidized health insurance coverage. Even if you have a very small business and are not required to carry employee coverages, offering benefits such as life and health insurance can help you attract and retain talented employees, and your business may even qualify for a federal tax credit of up to 35% of your premium cost. If you are interested in learning more, your agent can help you review and compare a number of suitable options.
Cyber Crime Insurance for Small Business in South Jordan
- 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
The crimes of computer hacking and electronic data theft are on the rise. Unfortunately for those who fall victim to them, the damage that results from a data breach is often quite expensive. If your business’s computer system is hacked and sensitive personal and financial data about your employees, customers or other individuals is accessed, your company can be obligated to compensate banks, credit card companies and individuals for resultant losses.
Cyber crime insurance is liability insurance that covers your business against the various lawsuits and damages that may result if criminals hack into your company’s computer system. However, because cyber crime insurance is a somewhat new insurance offering, many U.S. businesses are still without this important coverage. If your company is at risk for this sort of crime, be sure to talk to your agent to learn more about how adding cyber crime insurance to your South Jordan business insurance portfolio can be beneficial.
Find the Right South Jordan Commercial Insurance
Every small business has its own specific coverage needs, and there are commercial insurance policies that cater to different business industries. With a number of different policy options available, building an all-inclusive commercial coverage package may be complicated. Our agents can identify your company’s exposures and can recommend the right policy options to mitigate them. Because they are free to work with several different insurance companies, our agents can help you find the policies that offer your business the best value as you build your South Jordan business insurance portfolio. There are many agents with offices in Utah, including in and near the city of South Jordan.
Find an agent near you to get more information so you can soon start comparing customized South Jordan commercial insurance quotes.