Taylorsville Business Insurance
Learn about the types of insurance coverage your business needs and how to find a customized Taylorsville, UT business insurance plan.
Written by
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 TrustedChoice.com.
During previous years, there were 256,028 small businesses, employing 504,279 people, headquartered in Utah. More than 4,300 of these businesses were based in the city of Taylorsville, UT. Establishments in the manufacturing, retail trade, and construction industries are most abundant in this city, but businesses in all industries have the potential to thrive here. Whether you are a business owner who employs several people or you are an independent contractor with no employees, if you have a business based in this Utah city, it is important that you protect your investment with a Taylorsville commercial insurance policy.
Consider this: Businesses in Utah collected $1,871,508 in business insurance claims in recent years. Building a Taylorsville business insurance policy that can suitably protect your business can be complicated, so you may benefit from working with a professional who is familiar with the ins and outs of commercial insurance. Our independent insurance agents can answer your insurance-related questions and make appropriate policy recommendations. They can then work with a number of reputable insurers to provide you with a selection of customized Taylorsville business insurance quotes that you can review together. Find an agent near you to learn more.
- According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
A liability lawsuit filed against your business can lead to large financial losses. Even if the courts rule in your favor, the cost of your legal defense alone could amount to tens of thousands of dollars. Fortunately, you can protect your company’s finances by including the right kinds of liability insurance with your Taylorsville commercial insurance policy package.
All business insurance policies include general liability insurance, which covers legal defense, court costs and financial damages for a number of common liability risks. Your independent insurance agent can help you identify any other types of liability coverage (such as employment practices liability or pollution liability) that may be appropriate for your Taylorsville business. Talk to your agent to learn more about such coverage types as these:
- Premises liability insurance: This is a component of your policy’s general liability insurance. It covers your business if an accident on your commercial premises leads to third-party injuries, illnesses or property damage, resulting in your company's being sued.
- Product liability insurance: This is another component of your policy’s general liability coverage. It covers your business if a product it produces, promotes or sells leads to damage, illness or injuries to others, resulting in your company's being named in a liability lawsuit.
- Errors and omissions insurance: Professionals in all fields can benefit from this professional liability insurance coverage. It protects individuals, rather than businesses, against many of the common professional errors for which they may be held liable. The most commonly known type of errors and omissions policy is medical malpractice insurance, but there are professional liability policies to protect all kinds of professionals, from accountants to real estate agents to wedding photographers.
Business Interruption Insurance for Taylorsville 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 Taylorsville contribute to Utah’s GSP. However, if a disaster, such as fire or an explosion, forces you to stop operations for an extended time while repairs are made, your business may not be able to generate any revenue at all during the closure. A forced closure that lasts several weeks or months can significantly hurt your company’s finances and can even lead to commercial bankruptcy.
Be sure to protect your company by including business interruption insurance in your Taylorsville commercial insurance policy. This insurance provides a continuation of income while your business is not operational due to damage caused by a covered event. With these funds, you continue to pay employee salaries and monthly expenses until you are able to resume normal business operations, though many policies limit coverage to one year.
Property Insurance for Small Business in Taylorsville
- 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
Taylorsville businesses have a rather low risk of facing serious weather-related disasters, but it is still something that business owners want to be sure to have protection against. Natural disasters, man-made disasters (like accidental fires) and property crimes can all lead to significant damage your business-owned property, which is why business property insurance is so important.
Commercial property insurance covers your business-owned property, such as outdoor signs, display cases, merchandise, inventory, computers, machinery, tools, and furniture. Because the coverage needs of different types of businesses can be quite diverse, it is beneficial to work with an agent, who can recommend supplemental property coverage policies, such as inland marine insurance and spoilage insurance, when appropriate.
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Workers' Compensation for Taylorsville Businesses
Every state has its own laws pertaining to workers' compensation insurance (or “workman’s comp,” as it is often called). In Utah, all businesses that have at least one employee must carry workman’s comp insurance. Exceptions are made only for independent contractors and sole proprietors who do not hire employees. Workman’s comp insurance covers medical costs and lost wages associated with workplace injuries and protects your business from liability lawsuits related to employee injuries, so it is a worthwhile investment. Your agent can help you find a policy that is designed specifically for businesses that operate in your industry.
Employee Coverages for Small Businesses in Taylorsville
- 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 Taylorsville business has at least 50 full-time employees, the “employer mandate” portion of the Affordable Care Act (ACA) of 2010 requires you to provide these workers with affordable, subsidized health insurance coverage. Even if your business has fewer than 50 employees, offering benefits such as life and health insurance can help you attract and retain good employees. Furthermore, some small businesses may even qualify for federal tax credits of up to 35 percent of their cost for premiums. Talk to your agent to learn about your coverage options.
Cyber Crime Insurance for Small Business in Taylorsville
- 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
Thought it is a rather new type of liability coverage, cyber crime insurance is becoming essential for many businesses. This is because cases of electronic data theft are continuing to rise. If you use computers or other electronic means to collect or store sensitive information about your customers, employees or others, this insurance may be an extremely good idea for your Taylorsville business.
Cyber crime insurance protects your company from large financial losses related to lawsuits that can happen if hackers access your computer system, thereby putting your customers, employees and other individuals at risk for identity theft and fraud. Be sure to speak with your agent to get more information about how cyber crime coverage may be beneficial for your business.
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Find the Right Taylorsville Commercial Insurance for Your Business
Every company has specific coverage needs, and there are commercial insurance policies that cater to businesses in every industry. Local agents can help you identify company’s various exposures and can recommend the right coverage types to eliminate these risks. These independent agents are free to work with several different insurance companies, so they can help you find the policies that provide the most value for your money as you build your Taylorsville business insurance package. There are many agents with offices in Utah, including in and near the city of Taylorsville.
Find an agent near you to get more information, discuss your coverage needs and compare Taylorsville commercial insurance quotes.