Workers' Compensation Requirements in Utah
Workers' compensation protects more than your workers – it also protects your bottom line. Workers' comp coverage is compulsory for businesses in Utah with one or more full-time employees, and the policies generally provide disability and medical benefits for employees who suffer a workplace accident, injury, or illness. At the same time, offering workers' compensation can shield business owners from paying for the costs associated with a claim out-of-pocket.
Additional Small Business Insurance Options to Consider
The way you conduct your business is most likely unique to your industry, size, location, and character, so the specific types of small business insurance you may will depend on your business itself. Regardless of what size your business is, how many employees you have, or what line of work you're in, however, you may want to consider these additional types of insurance, which are common for many businesses in Utah.
With a businessowners policy (BOP), your small business could benefit in a variety of ways. In essence, a BOP bundles the benefits of the following lines of coverage:
- General liability insurance
- Commercial property insurance
- Business interruption coverage
Through a businessowners policy, your business in Utah could be protected against:
- Liability claims against your business, including property damage, bodily injury, personal injury, advertising discrepancies, and more
- Property damage from fire, theft, or vandalism that affects your commercial property, equipment, inventory, or other resources you own
- Loss of income if your business' operations are put on hold due to a lawsuit, property damage, or other incident
Commercial Auto Insurance
If you own vehicles and use them for business purposes in Utah, you should have commercial auto insurance. This type of policy may help alleviate the costs of property damage, medical expenses, and liability claims if you or an employee is involved in an accident while driving a vehicle for commercial purposes.
Cyber Liability Insurance
If you accept credit card payments, send emails, keep track of inventory online, or use the internet for any other business-related purpose, you should consider protecting yourself with cyber liability insurance. Cyber breaches are a potential threat for any small business that operates online, and cyber liability insurance can help you recover from the costs associated with an attack. A cyber liability policy can also help cover certain liability claims if a customer's personal information is stolen.
Get Bespoke Insurance Solutions for Your Small Business in Utah
The first step to shielding your small business in Utah against the unexpected is to thoroughly assess what risks you may be exposed to. With bespoke small business insurance options offered through AmVenture, you can feel confident that the business you worked so hard to build is better protected for the future. Contact us today to learn more, or fill out our simple online form to receive your free quote.
The Business Climate in Utah
Utah has one of the most vibrant business climates in the United States. According to the Small Business Administration's 2017 state profile, the state grew at an annual rate of 3.3% in the second quarter of 2016, higher than the nation's overall growth rate of 1.2%. Utah's unemployment rate of 3.1% was also lower than the national rate of 4.6% in November 2016. Help protect your business in this exciting economy with bespoke insurance solutions through AmVenture.