In the state of Utah, agriculture dominates the business industry, as the state focuses on cattle, calves and hogs, dairy products, hay, and greenhouse and nursery products. “The Beehive State” is also a leading state in mining, tourism, aerospace, biomedical, and technology-related industries. Among its other industries, tourism brings in visitors every year to visit the 11,000 miles of fishing streams and 147,000 acres of reservoirs and lakes, not to mention the great skiing. Thumbtack.com recently released data from a survey indicating that Utah is one of the top four friendliest states in the nation toward small businesses, and one of the easiest states to start a business. Owners of a small business in Utah understand the importance of obtaining good business insurance in Utah for optimum coverage.
Standard Business Insurance Coverages in Utah
Business Owners Insurance in Utah is an insurance policy held by a company, also identified as a BOP, as a detailed small business insurance package that offers a variety of liability coverages in a single bundle. A BOP integrates two main coverages in one policy: property insurance and general liability. The insurance coverage for business owners in the state of Utah transfers risk away from the employer to the insurance company by giving them added protection for different types of liability; including dwellings, equipment, and liabilities for legal reasons. There are a variety of typical indemnity claims that business owners insurance coverage protects you from including:specialized liability claims, important paperwork, broken equipment, fire, employee deceit, money and securities, and property claims. Other components for the organization in Utah may be supplemented from the original BOP coverage depending on the probable risks of the entity.
General liability insurance in Utah is carefully planned to provide security and protection for small business owners from financial burdens that can occur from irresponsible acts, omissions, or both, caused by the employer or their employees that may result in physical injury or property damage. Contractual liabilities, liabilities from products sold, and accidents on the premises of the business are some of the more common types of exposures covered under general liability insurance. The injury or damage might be a result of negligence and accidental. General liability insurance for Utah businesses may be one policy or can be part of a package policy.
A package policy is an exclusive type of insurance policy for an owner of a Utahan entity that includes two or more different types of insurance into a single insurance policy, referred to as a bundle. Usually, a package policy in The Beehive State will combine general liability insurance (described above) and commercial property (described below); although a package policy can also be planned in order to include any type of coverage which depends on the unique requirements of the organization. A package policy is essential to a business professional as it provides them with an excellent amount of flexibility to tailor a policy for the specific needs of the risk exposures of the company.
Commercial Property Insurance in Utah is a type of security coverage for different types of Utah-based commercial property, such as, essential documents, building, materials, equipment, furniture, inventory, and personal property. Commercial property insurance provides protection against different types of perils, including windstorm, hail, explosion, fire, natural disasters, theft, and lightning strikes. A variety of professional industries feel more protected with this sort of insurance, including retailers, not-for-profit entities, manufacturers, and businesses related to the service industry.
If any Utah-based business has employees working for them, they will need to have Workers’ compensation insurance to offer coverage against worker job-related illnesses, or occupational injuries. Workers’ compensation insurance in Utah is a no-fault, state-mandated insurance structure that provides benefits to employees who suffer injuries or an illness during business operations. The state of Utah has a requirement for every business with employees to carry workers’ compensation insurance, therefore, they may be required to pay fines and civil penalties if they fail to carry it, and possible be subjected to paying the cost of injuries obtained by their workers. By having workers’ compensation insurance for your Salt Lake City, Utah small business, workers benefit from medical care and wages loss coverage with the promise that they will not sue the business for injury or illness received on the job.
Utah small business owners, whether they have one or a slew of vehicles, needs to be protected by commercial auto insurance. Commercial auto insurance in Utah provides financial security to employers and their drivers by offering coverage for a company’s use of vehicles including trucks, vans, and cars. Commercial auto insurance offers security against paying for damages and medical costs that may result from vehicle accidents, vandalism and damage from hail storms and other unpredicted events. Coverage for Utah workforce includes different types of vehicles including those that are rented, owned, leased, or hired by the business owner, as well as vehicles owned by the employees and used for business operations. Because of this reason, it’s recommended that companies purchase a commercial auto insurance policy if employees use their personal vehicle for work-related duties; this is known as non-owned commercial auto insurance.
Commercial umbrella insurance in Utah is beneficial to companies due to the coverage limits of their existing liability policies, and since they don’t typically cover all expenses in the case of an unexpected and calamitous event occurs. Umbrella insurance fills the gap between where the general liability insurance and the commercial auto insurance or other liability insurance stops. Commercial umbrella insurance for business professionals in the state of Utah is an important resource that fills in the gaps in their primary business liability coverage. Umbrella insurance is a helpful way to have extra protection for property damage, bodily harm, or other types of liabilities.
Some Additional Business Insurance Coverages in Utah to Consider
Errors and Omissions insurance policies offer employers and individuals in the western state of Utah a type of protection against claims and lawsuits made by clients or customers for careless duties and acts, errors, and oversights made through various business operations which resulted in lost production on the part of the client or customer. Errors and Omissions insurance in Utah cover legal defense and court costs for business owners, as well as settlements which is included on the insurance contract. As orthopedic surgeons require malpractice insurance to protect themselves, owners of small organizations in the state of Utah should have errors and omission insurance, especially if they offer services or consulting advice, whether directly or through subcontractors.
Professional liability insurance in Utah provides protection for workers, such as financial analysts, tax accountants, and general contractors, from being accountable for paying the legal cost of defending against errors, negligence claims, failure to perform, or omission which was made by a client, along with damages allocated in that claim. The coverage’s primarily focus is on the financial burden on the part of the client from this type of professional liability insurance may offer claim coverage to the employees , even if the legal actions turn out to be unsound. Professional liability insurance in the state of Utah is required by law in a variety of professional practices, including medical and legal, but is also required by contract in other industries.
Employment Practices Liability Insurance, frequently referred to as EPLI, gives small business owners protection against claims of discrimination, unlawful termination, sexual harassment, breach of contract, wage law violations, false imprisonment, emotional suffering, libel, slander, mental distress, neglectful hiring and promotion decisions, and offensive claims. Employment practices liability insurance in Utah is based on the laws, acts, and protection from Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act; the Equal Opportunity Employment Commission (EEOC) enforced all of these laws.
Fidelity Bonds in Utah
Fidelity bonds in Utah are a unique variety of insurance offered to professionals in order to protect against losses, like fraud, embezzlement, or theft by one or more employees. Since reimbursement from worker fraudulent acts is usually implausible due to the cash already being spent, fidelity bonds are an important security measure for firms who would otherwise have to suffer these financial losses. Even if your company has extra security against this type of fraud, such as employee screening, close supervision, and internal controls, it doesn’t always prevent it. Losses accrued from staff thefts of money, property, or securities are all covered under fidelity bonds insurance in Utah. ERISA bonds, standard employee dishonesty bonds bonds, and business service bonds, represent the three chief fidelity bonds types.
Surety Bonds in Utah
A surety bond is an essential contract or agreement shared between three parties: the principal, obligee, and surety (insurance company). The surety bond acts as a guarantee that the party will pay an agreed upon amount if one of them fails to meet a commitment, such as fulfilling the terms of the contract. A surety bond protects the receiver from financial loss if the contract is not fulfilled, while the surety company takes on the liability for not performing. A surety bond is usually required for financial compensation. Owners of Utah-based entities may require a surety bond to pledge payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be qualified for licenses. While surety bonds in Utah are seen most often in the construction industry, surety bonds are also used by mortgage lenders, car and truck dealers, medical supply agencies, health clubs, notaries public, and others. A variety of types and features of surety bonds in Utah offer a range of guarantees.
Whether you own and operate a small hotel in St. Lake City or a quaint diner in Provo, your business in Utah needs to be properly protected with business insurance. Your standard business insurance policy is a great protection for basic liabilities, but it most likely does not cover everything that could occur during the course of business. A variety of other risks may come up like fire, fraudulent activity, theft, damage, natural disasters or other unfortunately occurrences, and your business and assets need to be protected from them. By obtaining additional business insurance policies, you can safeguard your business from unforeseen events and rest assured knowing as a business owner you have done the best you can as far as protection goes.