During previous years, there were 256,028 small businesses that employed 504,279 people headquartered in Utah, and nearly 7,000 of these businesses were based in West Valley City, UT. Companies in the financial and construction industries do very well in this city, but businesses of all types and sizes are thriving. Whether you own a large company like FranklinCovey or you own an independent entrepreneurship with no employees, it is important that you protect your commercial assets with a West Valley City 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 business can sometimes be a complicated endeavor, but you can simplify the process by discussing your coverage needs with an independent insurance agent in our network. These agents work with several reputable insurance companies to help you find the best policies to meet your coverage and budgetary needs. Find an agent near you to begin comparing West Valley City business insurance quotes for policies that have been customized specifically for your company.
- 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, a liability lawsuit against your company can be extremely expensive. Legal defense fees alone can sometimes amount to tens of thousands of dollars, not to mention the lost productivity as key employees are called to testify. That is why it is so important that your West Valley City 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 business from significant losses by covering legal defense fees, court costs, and financial damages. Your agent can further explain your many options including these:
- Premises liability insurance: This insurance covers the costs associated with injuries 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 insurance provides coverage if a product you sell, produce or promote is faulty and causes damage, illness or injuries to others. It is also included as part of your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This covers people 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.
There are many other types of liability coverage, such as pollution liability insurance and commercial auto liability insurance, that may be a good fit for your business. An agent can identify your exposures and explain your various coverage options.
Business Interruption Insurance for West Valley City 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 a structure fire, forces you to halt business operations for an extended length of time while repairs are made, the lost income can significantly affect your business finances. Also, if you are unable to pay key employees during the closure, you may lose them to the competition. You can avoid this problem by making sure that your West Valley City commercial insurance includes business interruption insurance. That way, your business can continue to collect the income it needs to pay monthly bills and employee salaries during the forced closure. This coverage lasts until you are able to resume your normal business operations, but is typically limited to 12 months.
Property Insurance for Small Business in West Valley City
- 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
Major disasters, like fires, can do more than just force your business to close for repairs. They can also result in extensive property damage. Commercial property insurance covers your business-owned property, such as merchandise, inventory, computers, display cases, furniture, and décor.
Businesses in different industries have varying coverage needs, so it is to your benefit to work with an experienced agent. That way, you can get advice about the property insurance types you may want to include with your business insurance policy. Also, be aware that flood and earthquake damage is typically excluded by nearly all West Valley City commercial insurance policies. Fortunately, your agent can help you find supplemental coverage to eliminate these exposures.
Workers' Compensation Insurance for West Valley City Businesses
Utah requires all businesses that have at least one employee to include workman’s compensation insurance as part of their business coverage. Independent contractors with no employees are exempt. This insurance covers the medical treatment of work-related injuries as well as related expenses and wages for necessary time off. It will also help your business avoid liability lawsuits associated with workplace injuries and illnesses.
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” that requires companies with at least 50 full-time employees to provide them with subsidized health insurance. Even if your West Valley City 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 review your options so you find affordable coverage plans.
Cyber Crime Insurance for Small Business in West Valley City
- 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, and more and more businesses are looking to obtain cyber crime coverage, which is a relatively new type of insurance. This insurance protects your business from financial losses associated with liability lawsuits and damages that may result if a hacker accesses personal or financial data about your customers that you have collected or stored electronically. If your business is at risk, be sure to ask your agent about adding this important coverage to your West Valley City business insurance.
Find the Right West Valley City Commercial Insurance for Your Business
Every business has its own unique coverage needs relative to its size, industry and inherent risks. That is why there is no such thing as a one-size-fits-all commercial insurance plan. When you work with an independent insurance agent in our network, you have access to a professional who can provide guidance, explain your coverage options and make policy and coverage limit recommendations. You will also be able to easily compare West Valley City business insurance quotes for policies customized to meet your specific business needs. That way, you can be sure that you are getting appropriate coverage at a competitive price.
Contact an agent near your business to learn more about your options when it comes to buying West Valley City commercial insurance.