There are hundreds of businesses located in the small city of Spanish Fork, Utah. From the manufacturing companies housed in the Spanish Springs Industrial Park to the many stores and restaurants that line the city’s historic Main Street, each plays an important role in the local economy. Business insurance helps these companies stay profitable when disaster strikes.
Building a comprehensive business insurance policy package can be complicated, but you do not need to figure it out on your own. Independent insurance agents can help by recommending the right policies to cover against each of your company’s potential risks.
Find an insurance agent near you to learn more and to start comparing a variety of customized business insurance quotes.
Why Do Businesses in the town of Spanish Fork, Utah, Need Liability Insurance?
Liability lawsuits against your company can get extremely expensive. This is true even if the courts ultimately rule in your favor. Business liability insurance is designed to prevent large financial losses by covering associated court costs, legal fees, and financial damages if your business is sued for a covered event.
There are lots of different commercial liability products available. You will need to be sure that you purchase the right policies to cover against each of the potential liability exposures your business faces. Some of the liability products your insurance agent may recommend include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that result from accidents on your business property. This coverage is included in your commercial general liability coverage, which is a standard part of every business insurance policy.
- is caused by defects or design flaws in products your business produces, sells, or promotes. This coverage is also included in your commercial general liability coverage, which is a standard part of every business insurance policy.
- Liquor liability insurance: This insurance is important for companies that serve alcoholic beverages, because if an intoxicated patron causes property damages or injuries to another, Utah’s dram shop laws allow the injured party to sue your establishment if you had served the perpetrator while they were under 21 or were already visibly intoxicated.
- Cyber liability insurance: This covers expenses related to restitution and financial responsibilities if cybercriminals install skimmers on your credit card readers or hack into your business’s computer systems and steal customer data such as financial and personal information.
- Employment practices liability insurance: This covers against accusations of illegal employment practices such as discrimination, harassment, retaliation, breach of contract, and wrongful termination.
- Environmental liability insurance: This is covers cleanup costs, damage, and other financial responsibilities if an incident at your place of business results in the accidental pollution of the ground, air, or water by toxic substances used, produced, or sold by your company.
Talk to an independent insurance agent in Spanish Fork to learn more about these and other commercial liability policies that are available for your company. Your agent can help you be certain that your business is properly covered against all of its potential liability exposures.
What Insurance Products Cover Your Business Property?
Businesses in Spanish Fork are most at risk for damage caused by hazards such as severe storms, high winds, property crimes, and accidental fires. Fortunately, all of these risks are covered by commercial property insurance, which is a standard part of all business insurance policies.
Commercial property insurance is designed to cover your business-owned property including things like office furniture, computers, supplies, merchandise, inventory, and outdoor signs.
Sometimes, adding specialized property insurance policies is necessary for your business property to be fully covered against all of its risks. Your insurance agent may recommend supplementing your commercial property insurance with other products such as:
- Flood insurance: This is covers against flood damage, which is specifically excluded from commercial property insurance coverage. Many businesses in Spanish Fork are at risk for flood damage when heavy rains fall. An independent agent can help you secure an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
- Earthquake insurance: Like flood damage, earthquake damage is excluded from commercial property coverage. In Spanish Fork, earthquake activity is 270% greater than the national average, so it may be a good idea to purchase an earthquake policy to protect your valuable business assets.
- Inland marine insurance: This covers your company’s portable property whenever it is being transported or is away from your place of business, such as at a job site or in a temporary storage facility.
- Boiler & machinery insurance: This covers the cost of repairing or replacing your company’s essential machinery if it breaks down or malfunctions. It can also cover associated revenue losses.
- Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s care, custody, or control. This insurance is ideal for companies that perform repair, alteration, or maintenance services on expensive items.
A local independent insurance agent can help you be sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property, if necessary.
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Is Business Interruption Insurance a Good Idea in Spanish Fork, UT?
A major disaster, like an out-of-control structure fire, can result in more than just damage to your business property. If the destruction it causes is particularly severe, your company could also be forced to remain closed for several weeks while repairs are made.
Disasters in Utah
- Number of federally declared disasters in UT since 1953: 47
- Most common reasons for declared disasters: Wildfires, floods, and severe storms
- Average number of tornadoes in UT per year: 2.5
If your company must close for an extended time due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.
This insurance can enable your company to continue paying regular monthly expenses such as utility payments, loan installments, and employee salaries even though it is temporarily unable to generate revenue.
Talk to a local independent insurance agent for help determining whether this optional coverage is a good fit for your Spanish Fork business.
Do Businesses in Spanish Fork Need Workers’ Compensation Insurance?
If your employees are injured on the job, or if they develop an occupational illness due to exposure to toxins at the workplace, your business is responsible for covering their medical treatments and financial losses. Workers’ compensation insurance is designed to provide this coverage.
All employers in the state of Utah are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
There are some exceptions. It is not necessary to purchase coverage for sole proprietors, partners, LLC members, domestic workers, agricultural laborers, casual employees, or real estate brokers. If in doubt about whether you need to buy coverage, you can consult a local independent insurance agent.
Rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them. It would therefore cost a lot more to cover a worker at a pet food manufacturing plant than it would to cover a cashier in a department store.
An independent insurance agent can help you find a competitively priced policy from a private insurer who specializes in covering businesses like yours.
What about Insurance Products for Employee Benefits Packages?
Healthcare coverage in the United States can be quite expensive. However, offering subsidized coverage to your employees can actually have cost-saving benefits for your company.
For instance, human resource managers have consistently demonstrated that when businesses offer competitive employee benefits, they find it easier to attract and retain the most qualified employees. Additionally, insured workers tend to call off sick from work less frequently.
When you are shopping for insurance products to include in your employee benefits package, you will find that there are several different health insurance and life insurance policies available to you. This can make it difficult to determine which policies to choose.
A local independent insurance agent can go over the pros and cons of each of your various options, such as HMOs, PPOs, and managed care plans, so you can make an informed decision about which makes the best choice.
Why Work with an Independent Insurance Agent in the Town of Spanish Fork, Utah?
Insurance providers understand that every company has its own specific risks, which can vary significantly from one business to the next. That is why they offer so many commercial insurance products and policy options.
An independent agent can help you determine what your company’s coverage needs are and can assist you with finding the best and most affordable policies to meet them.
Set up a one-on-one consultation with an independent insurance agent in or near Spanish Fork to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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