Choose The Hartford for Your Utah Business Insurance Needs
Utah, the Beehive State, is home to 277,140 small businesses, making up 99.3% of companies in the state. Those small businesses employ 557,794 employees.1 In this case, small businesses are defined as businesses with fewer than 500 employees. Business insurance in Utah can help cover Salt Lake City businesses, Provo businesses, West Jordan businesses, and more. Companies in Utah have been protecting themselves with business insurance from The Hartford for hundreds of years. Learn more about Utah workers’ compensation insurance, Utah small business insurance, and Utah data breach insurance from The Hartford.
Types of Utah Business Insurance Offered
Utah Business Owner’s Policy Insurance
A Utah Business Owner’s Policy, often referred to as a BOP, helps protect your Utah business from the costs of damages from things like theft, fire, or other covered disasters. BOP coverage also helps your business cover the costs related to claims of property damage, personal and advertising injury, and bodily injury that could arise during the day to day operations of your business. A Utah Business Owner’s Policy is a single insurance policy that combines both business property insurance and business liability insurance for your Utah small business.
Consider a Business Owner’s Policy for Your Utah Business if:
- Your Utah business has the potential to be sued. For example, a customer gets hurt in your place of business and goes to the hospital for injuries. As a result, they sue you for the costs.
- Your business has a physical location; this can be your home office, a rented/owned office, or another place where you do business.
- Your business has digital and/or physical assets that can be stolen or damaged, digital hardware and software, tools, inventory, furniture, customer information, and other data.
Businesses in The Beehive State can tailor a BOP to help meet their individual needs by adding additional coverages like data breach or cyber liability insurance, and more. Purchasing a Business Owner’s Policy is smart and effortless. It clarifies business insurance coverage needs by including business property and business liability into a single insurance policy. These are two distinct insurance coverages that are important for your business.
Utah Data Breach Insurance
Data breach insurance and cyber liability insurance helps your business cover the costs related to a data security breach. It can help cover public relations costs, legal fees, costs for identity protection solutions, and more after a data breach and depending on the level of data breach insurance coverage you select. Data breach coverage is essential for enabling companies to take the immediate actions necessary to mitigate further damage and help restore the public’s confidence in your business after enduring a data breach.
Data breach insurance coverage can help lower the risk of civil litigation and other penalties when a data breach occurs. Policies from The Hartford include access to professionals that can help your Utah business comply with applicable laws and regulations. The Hartford also offers 24/7 access to a data breach preparedness website. This website provides easy-to-understand prevention and response guidelines that outline the steps your businesses can take to help prevent a cyber-attack.
Data breach insurance from The Hartford can help you protect your business by:
- Helping prepare your business for a data breach. The Hartford provides services that assist Utah companies in planning for a data breach. The Hartford helps by ensuring the proper security measures are in place before an incident occurs.
- Providing quick responses when a data breach takes place. Businesses must respond immediately to minimize the impact of a data security incident on their customers, employees, vendors, and business. When a data breach occurs, a business’ reputation is at risk and legal requirements must be addressed immediately.
Utah Business Income Insurance
Utah Business Income Insurance coverage can help replace income lost when a business is unable to operate due to a covered property loss such as damage from theft, fire, or wind. If your company is unable to conduct business and generate revenue due to a covered accident or break-in at your office, business income insurance can help cover your costs until your business is up and running. With this coverage, you can continue to cover your expenses including monthly bills and payroll while your business property is being repaired or replaced from the damage.
Business Income Insurance is already included in a Business Owner’s Policy from The Hartford, but you can increase coverage to meet specific risks your business may face. You can do this by choosing from a variety of additional business coverages that can be added as endorsements.
Consider Business Income coverage for your business if you rely on a physical location, equipment, or other business property to generate income. Businesses that may benefit from this coverage include:
- Software companies that rely on digital and physical property to operate, including computers, servers, and cloud storage solutions.
- Retail stores and businesses that require a physical storefront and/or an online presence, for customers to visit and make purchases.
- Service businesses like car repair shops and hair salons that need a physical office to operate in order to serve customers.
Utah Workers’ Compensation Insurance
Workers’ compensation insurance, or workman’s comp insurance, provides benefits to employees for work-related injuries, and illnesses. In Utah, most employers are required to have a workers’ compensation insurance policy, with few exceptions. Workers’ comp insurance coverage includes medical care, help replacing lost wages when unable to work, and more. Workers’ compensation protection may also provide a deceased worker’s family with financial compensation. If a family of an employee decides to sue your Utah business, workers’ compensation insurance may even help cover the related legal fees.
Workers’ Compensation Insurance coverage can help protect your Utah business and employees from the costs of accidents including for example:
- An employee tears his knee moving furniture around the office and requires a doctor’s visit, medication, and time off work to fully recover.
- An employee is driving into the office after a meeting and is severely hurt in an automobile accident, requiring a trip to the hospital, and medical attention from a physician.
- An employee trips on a rug in the office and falls to the floor, injuring her back, and requiring a hospital visit plus weeks of recovery.
Utah Minimum Business Insurance Requirements
Workers' compensation insurance is industrial insurance which almost all employers are required to carry to help cover workplace injuries and illnesses for its employees. Since the workers' compensation program is a no-fault program, neither the employer nor the employee has to assign fault for an injury occurring in the workplace.2 The Utah Insurance Department’s role in workers compensation has to do with administrative and regulatory responsibilities regarding these insurance companies.
If you are thinking of starting a new business or are a small business owner, you may not realize there are various regulatory requirements that apply to your business as the employer. Even small businesses with just one employee, including a family member, may need to adhere to these laws enforced by the Utah Labor Commission. View the Utah minimum business insurance requirements.
Additional Utah Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Management & Professional Liability
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
- Risk Engineering
- Loss Sensitive (Deductible) Solutions
Get a quote on Small Business Insurance for your business today.