Getting the Best Business Insurance in Ogden Utah
Building a business is no easy work. It takes a lot of time and investment to ensure it succeeds. However, sometimes things happen that are out of our control, and things take a turn for the worst. This is why protecting your endeavors from unforeseen situations is essential.
One of the ways you can protect your business is with commercial insurance. Unfortunately, since each industry is different, finding the right business insurance can be pretty difficult. Moreover, many up-and-coming business owners aren’t familiar with what business insurance covers.
Thankfully, you’re at the right place. Here you can learn about commercial insurance, what it covers, why you need one, and much more!
What Is Business Insurance?
Business insurance (often called commercial insurance) is insurance that covers some aspects of your business.
Most insurance companies break down this insurance into several categories, including:
- Property insurance
- Business liability insurance
- Commercial auto insurance
- Crime insurance
As a business owner, you can choose to add other coverage options depending on your industry. For instance, for an IT company, you might want to add insurance against data breaches. And if you own a construction company where there’s a risk of employees getting injured, you’d want to add workers’ compensation insurance.
What Does Business Insurance Cover?
Business, or commercial insurance, is an umbrella term. As we’ve mentioned above, this type of insurance covers many unforeseen events. In most cases, an insurance company will work with you to create coverage that best suits your business.
Depending on your business insurance needs, your policy can cover the following:
- Property damage
- Customer injuries
- Loss of income
- Liability protection
- Workers’ compensation
- Equipment breakdown
If you don’t have the time or the need to buy custom commercial insurance, you can get a business owner’s policy. This insurance package provides you with liability, commercial property, and business income insurance.
What Doesn’t Commercial Insurance Cover?
No matter the type of business you run, you need some form of business insurance. In most cases, you at least need general liability insurance since it protects your business from several perils, such as customer injury, property damage, and theft.
Since there is a wide range of perils commercial insurance can cover, we’ll focus on what general liability insurance doesn’t cover in this section. This is because this type of policy is required to operate a business in most US states.
Personal Property damage
Your general liability coverage won’t help you in cases where your own property gets damaged. For instance, your employee is throwing a brick through your house window.
General liability coverage only covers the legal costs where you get sued by a third party.
The type of business policy only covers damages caused by a third party. So, if you or one of your employees get into a fit of anger and trash the office, the insurance company won’t be able to help you.
There are no business insurance coverages that actually cover intentional damage. So whether you’re a small business owner or a fortune 500 CEO, you must keep things professional while at work.
In most cases, general liability business insurance only covers accidental injuries to the customers that walk into your business. For example, if a customer accidentally slips, falls, and gets injured, your policy will cover any of the lawsuits or medical expenses for that customer.
However, if one of your employees gets injured, this policy won’t cover their injuries. For these cases, you need to talk to your insurance company and get workers’ compensation insurance.
The general liability policy doesn’t include the vehicles you use to conduct your business. What’s more, if you use your private car to conduct business, your auto insurance probably won’t cover the damages that occurred while you were using the vehicle for business.
This is why businesses in the Ogden area should get commercial auto insurance as a part of their business insurance policy.
This type of coverage doesn’t cover professional errors. For example, if you offer services of installing HVAC systems and workers don’t install a piece of equipment properly, and you get sued for it, your insurance company won’t cover any legal costs.
Types of Utah Business Insurance Offered
Now that you’re familiar with what commercial insurance covers and what it doesn’t, let’s go over the types of insurance coverage you can get in Salt Lake City and Ogden, UT.
Keep in mind that you don’t need to have all these coverages, but if you can afford them, you will be protected from most types of risks involved with running a business.
Utah Business Owners policy
A business owners’ policy is actually a package deal that provides you with two types of coverage – personal liability and property. With this policy, your business will be protected from lawsuits, negligence claims, theft, and more.
This policy is great for both small businesses and large businesses.
General Liability Insurance
A general liability policy is the most common type of commercial insurance and protects you against customer injury and property damage. This policy also covers advertising injury. You can get this coverage as a part of business owners’ insurance.
Data Breach Insurance
A data breach or cyber insurance is perfect for companies that conduct most of their business online. This insurance provides you with protection from cyber-attacks and data breaches. We recommend you get this insurance if you deal with private customer data such as credit card information.
Business Income Insurance
Business income insurance provides you with financial protection against sudden loss of income. For example, if your company can’t operate for a certain period of time due to property damage, this coverage will help you cover some of the lost revenue.
Workers Compensation Insurance
Businesses in Utah are required to have a workers’ compensation policy if they have employees. This policy will help you cover expenses related to your employees getting injured while at work.
Personal Liability Insurance
If you’re a business that offers professional services, you might consider getting a personal liability policy. It will protect you from claims of professional negligence and pay for your legal costs in these cases.
What Is the Minimum Business Insurance I Need To Have In Utah?
No matter what type of business you run in Utah, if you have employees, you are required by law to have workers’ compensation insurance. Other insurance policies are not required but are nice to have.