Do You Need Small Business Insurance in Utah?
Business is buzzing along admirably in the Beehive State! And that includes small businesses. Utah is in the top ten safest states and boasts low unemployment. Salt Lake City is an incredible city for starting a small business with its notably stable economic growth and friendliness. People are drawn to the national parks of Utah, bringing along their tourism dollars. People flock to Sundance Film Festival, giving Utah a business boost. In fact, accommodation and food services are among the most significant small business employers in Utah. Healthcare, construction, retail, professional services, and manufacturing round out the top small business industries.
- There are over 301,000 small businesses in Utah
- 99.3% of businesses in Utah are considered small businesses
- Over 72,000 people are employed in the accommodations and food services small businesses of Utah
Put down the French fries and fry sauce and consider this: 46% of private workforce employees in Utah are employed by small businesses. It is vitally important that small businesses continue to succeed in Utah! Manufacturing is flourishing in Logan, and no one can deny the popularity of George, Park City, and Moab. The silicon slopes attract big technology dollars, which help make Utah even more attractive. As Utah grows, it is essential to consider business insurance to help protect your small business. Some insurance coverages are required for all Utah businesses—we’ll tell you more here.
Required Business Insurance Coverage in Utah
Commercial Auto Insurance.
Utah requires your small business to have commercial auto insurance coverage If your company owns vehicles. Utah specifically requires Personal Injury Protection and a minimum liability limit of $25,000 per person, $65,000 per accident for bodily injury, and $15,000 for property damage.
Workers’ Compensation Insurance.
In Utah, you’re required to provide Workers’ Compensation coverage for all your small business’s employees. Workers’ compensation coverage typically provides relief for employees, including healthcare and legal costs. In exchange for carrying this required coverage, employees agree not to sue your business over an accident or related illness. The Utah Department of Insurance establishes basic premium rates for workers’ comp, then risks are considered. As a small business owner, you’re required to post a notice that your business complies with workers’ compensation laws. The notice must be placed in a conspicuous location at the place of business.
Recommended Business Insurance Coverage in Utah
Small Business Owner’s Insurance.
Save money by bundling general liability insurance and property insurance into one convenient Business Owner’s Policy (BOP). A BOP typically covers a customer’s medical expenses for accidents on site, advertising damage claims, and losses and damages related to property used for business purposes.
General Liability Insurance.
If your Utah small business does not need a BOP, General Liability can be sought as a separate minimum coverage. If you lease space, your commercial property’s contract may require General Liability Insurance. General Liability Insurance helps ease the burden of property damage claims or customer injury, as well as slander and libel lawsuits.
Professional Liability Insurance.
Professional Liability Insurance covers work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits. It’s also sometimes called “errors and omissions insurance” or “E&O.” Professional Liability coverage is ideal for small businesses in Utah that provide expertise as a service, like architecture, financial advice, real estate, design, or hairstyle services.
Cyber Liability Insurance.
2020 saw a 50% increase in cybercrimes in Utah over 2019. Ransomware, phishing, and data breaches are common tactics. The crime of compromising business emails cost businesses over $13 million. Cyber Insurance coverage is recommended for Utah small businesses to help with customer notification and fraud monitoring costs following a cyberattack, as well as associated legal fees. This helps businesses recover from common cyberattacks.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer small business coverage in Utah?A
Yes. We currently offer the following types of insurance policies to small business owners in Utah:
- QHow do I get a quote for my small business insurance in Utah?A
It’s simple: Click on the Get Your Quote button and answer a few questions. And if you like what you see, purchase your policy online!