St. George, UT is a rapidly growing metropolitan area of the U.S., offering everything from top-tier universities to jaw-dropping national parks to a bustling downtown. It's the perfect place for entrepreneurs to embark on a new adventure, given the amount of opportunity. Did you know that Utah's 256,028 small businesses employed 504,279 employees in recent years? And that $1,871,508 was paid out for reported losses?
You need to protect your business, which is why an Independent Insurance Agent is here to create a customized St. George business insurance policy for you and your small company. Knowing you have 360-degree coverage will allow you to focus on what matters — business operations. Purchasing general liability insurance is the most basic way to ensure your St. George small business is protected. An Independent Insurance Agent can inform you about the principal risks you face when it comes to bodily injury and product malfunction claims so you know what to safeguard against.
- General Liability: This baseline coverage guards you against claims regarding a customer's injury or general property damage. 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 said they felt the least prepared to handle this concern. You can't afford to skimp on getting a general liability policy.
- Product Liability: According to a national study, 71 percent of product liability and 53 percent of medical malpractice awards amounted to a court payout of $1 million or more. If your small business produces, manufactures or sells a product, you need protection. A product liability policy shields against financial loss in the event of a malfunction or injury from a product.
- Professional Liability: Also known as errors & omissions insurance, this coverage gives you peace of mind when it comes to a lawsuit against your small business regarding advice or services. Lawyers, doctors, accountants, and real estate agents should seriously look at the details of professional liability coverage when it comes to their St. George business.
Business Interruption Insurance for Small Business
What would you do if your business had to shut down due to a disaster? To keep the cash flowing, business interruption insurance compensates you for the revenue lost during the closure. Considering that Utah reported a recent gross state product of 3.8 percent —1.6 percent higher than that of the recent gross domestic product — it's protection that you should seriously consider. Your St. George commercial business insurance can include an interruption policy at an affordable rate — just ask your local Independent Insurance Agent.
Property Insurance for Small Business
The 119 natural disasters that hit the United States in recent years wreaked serious havoc. Only 61 percent of losses from natural disasters were covered, and $9.7 billion of damage was uncovered — leaving a number of small businesses at a loss. Protect your tangible assets by purchasing property insurance. If your office space needs repairs, equipment becomes damaged or debris needs removal after a catastrophe, this coverage keeps you up and running.
Employee Coverages for Small Business
Your employees work hard for you; so shouldn't you do the same for them? Providing comprehensive employee coverages should be foremost on your mind, especially with increasing health care costs. Recently, small businesses paid $5,096 for a single person plan and $15,341 for a family plan, 9 percent and 4 percent lower than the national average cost of health care, respectively. And while you're at it, workers' compensation coverage provides benefits for injury, illness, and disability. An Independent Insurance Agent can go over the details to get you the best employee coverages for your St. George business.
Cyber Crime Insurance for Small Business
Technology is becoming increasingly advanced, and the number of hackers is on the rise. No business is safe, regardless of size or its database with confidential information. Only 22 percent of small businesses have a cyber/data breach response plan. And with 1,586 theft complaints reported in Utah in recent years, St. George small businesses need protection.
The state may rank as the 42nd highest for identity theft complaints, but that doesn't mean you should brush off a cyber crime insurance policy. Small businesses face a number of threats, including everything from a customer falling to flooding damage to product lawsuits. An Independent Insurance Agent is here to assess your needs, compare quotes and find a comprehensive policy to protect all of your assets.