During previous years, there were 256,028 small businesses that employed 504,279 people headquartered in Utah – and more than 7,700 of these businesses were based in West Jordan. These include everything from family-owned restaurants to independent contractors who work out of their own homes. Regardless of your industry, if you own a small business in West Jordan, UT, you need to be sure to cover it with a West Jordan commercial insurance policy. Recently, businesses in Utah collected $1,871,508 in business insurance claims, which highlights how important this coverage is.
Building a wide-ranging insurance policy for your small business can sometimes be a difficult endeavor, but you can simplify the process by working with an independent insurance agent in our network. These agents can consult several different insurance companies to help you find the best policies to meet your business’s coverage and budgetary needs. Find an agent near you to begin reviewing and comparing West Jordan business insurance quotes from a variety of reputable insurers.
- 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.
- That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Even if the courts ultimately rule in your favor, it can be very expensive to have a liability lawsuit brought against your company. Legal defense fees alone can potentially amount to tens of thousands of dollars, not to mention the lost productivity if key employees miss work because they have been called to testify.
That is why it is so important that your West Jordan business insurance includes general liability insurance as well as other types of liability coverage that may be specifically suited to businesses in your industry. These policies shield your company from significant losses by covering legal defense fees, court costs and associated financial damages. Your agent can further explain your many options, including the following:
- Premises liability insurance: This covers the costs associated with accidental injuries, illnesses and/or property damage sustained by third-parties while on your business premises. It is included as part of your general liability coverage.
- Product liability insurance: This provides coverage if a product your company sells, produces or promotes causes damage, illness and/or injuries to others. It is also included as part of your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This covers those in professional positions against lawsuits due to errors in judgment, failure to act and other professional mistakes. Medical malpractice insurance is an example of this sort of coverage, though there are policies in place for professionals in all fields.
There are many other types of liability coverage, such as completed operations liability insurance, commercial auto liability insurance. Some may be a good fit for your business. An agent can help you identify your company’s various exposures and can recommend appropriate coverage options to mitigate those risks.
Business Interruption Insurance for West 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 was 1.6% higher than the recent GDP
If a covered disaster, such as an accidental structure fire, forces you to halt business operations for a long time while repairs are made, the lost income can significantly affect your business revenues. In addition, if you are unable to pay your key employees during the closure, you may lose them to the competition. Avoid this problem by making sure that your West Jordan commercial insurance includes business interruption insurance. That way, your business can continue to collect the income it needs to pay its monthly bills and employee salaries during the forced closure. This coverage stays effect until you are able to resume your normal business operations, but it is usually limited to 12 months.
Property Insurance for Small Business in West 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 were not
Major disasters can do more than just force your business to close for repairs. They can also result in expensive property damage. Commercial property insurance covers your business-owned property, such as inventory, computers, tools and machinery, and furniture. Businesses in certain industries have more diverse coverage needs, so it is to your benefit to work with an experienced agent.
That way, you can get advice about other property insurance types you might want to include with your business insurance policy, such as inland marine insurance and spoilage insurance. Also, be aware that flood and earthquake damage are excluded by nearly all West Jordan commercial insurance policies. Fortunately, your agent can help you find supplemental coverage to eliminate these exposures.
Workers' Compensation Insurance for West Jordan Businesses
Utah requires all businesses with at least one employee to include workman’s compensation insurance as part of their business coverage. Independent contractors with no employees are exempt from this requirement. Workman’s comp insurance covers the medical treatment of work-related injuries and illnesses and covers related expenses and lost wages resulting from necessary time off. It also has the benefit of helping your business avoid potential liability lawsuits associated with workplace injuries and illnesses. Your agent can help you find appropriate coverage.
Employee Coverages for Small Business
- 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
The Affordable Care Act (ACA) includes an “employer mandate.” The mandate requires all U.S. companies with at least 50 full-time employees to provide them with subsidized health insurance. Even if your West Jordan business has fewer than 50 employees, including benefits like health and life insurance can help you attract and retain gifted employees. An agent can help you find affordable coverage plans.
Cyber Crime Insurance for Small Business in West 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
Reports of electronic data theft are on the rise, so an increasing number of businesses are now looking to obtain cyber crime coverage. This relatively new kind of insurance products your business from financial losses associated with liability lawsuits and damages that may result if a criminal accesses personal or financial data about your customers that you have collected or stored electronically. If your business is at risk for data theft, be sure to ask your agent about adding this important coverage to your West Jordan business insurance.
Find the Right West Jordan Commercial Insurance for Your Business
Different businesses have different coverage needs relative to their size, industry and inherent risks. There is, therefore, no such thing as a one-size-fits-all commercial insurance plan. When you work with an independent insurance agent in our network, you will have access to a knowledgeable professional, who can help you identify your exposures, explain your coverage options and offer policy and coverage limit recommendations. You will also be able to easily compare West Jordan business insurance quotes for policies that have been customized to meet your business’s specific coverage needs. That way, you can be sure that you are getting appropriate coverage at a competitive price.
Contact an agent near you to learn more about West Jordan commercial insurance.