Find the Best Business Insurance Options in Utah
There are over 324,000 small businesses in Utah, representing 99.3 percent of the businesses in the state. Small businesses employ over 625,000 people in Utah, making small businesses essential to the state’s economy.
Business owners in Utah face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business.
A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in Utah.
Best Business Insurance Companies in Utah
The best business insurance companies in Utah are highly rated for their mix of valuable coverage offerings and competitive pricing.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated business insurance in Utah. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
- Progressive: Progressive is based in Ohio, but offers business insurance across all 50 states, including Utah. Utah business owners can look to Progressive for most of their business insurance needs.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Utah. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Utah.
An independent insurance agent in your area can help you learn more about these and other Utah business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Utah business insurance needs.
Utah Business Insurance Requirements
Business insurance is a package of insurance policies that cover your property and liability risks. Business insurance is not required in Utah, but if your business owns any vehicles, you'll likely have to buy commercial vehicle insurance that complies with the state’s car insurance laws.
In addition, with a few exceptions, every employer is required to provide workers’ compensation coverage for all its employees. Workers’ compensation insurance covers employees who are injured on the job. It pays for their injury-related medical care and lost wages if they can’t return to work while recovering.
An independent insurance agent in your area can help you learn more about Utah’s business insurance requirements.
What Business Insurance Covers in Utah
When you purchase business insurance in Utah, you’ll be purchasing several individual policies or a package of policies designed for your industry. Business insurance in Utah will typically include the following types of policies and coverage:
- Commercial general liability insurance (CGL): Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in Utah may include additional coverage types or policies that cover your unique risks.
Liability Coverage Options for Small Businesses in Utah
Most small businesses would have a hard time recovering if they were faced with a lawsuit. Liability insurance can cover you when you’re accused of causing harm to an individual or another business. There a numerous liability coverage options for small businesses in Utah.
A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses, and other damages for the injured party, and expenses related to a liability claim against your business.
CGL policies do not protect you from every type of lawsuit. You'll likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection.
Talk to an independent insurance agent about why you might need environmental liability insurance, professional liability insurance, cyber liability insurance, or other types of liability coverage for your Utah business.
Property Coverage Options for Small Businesses in Utah
Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need these basic business property coverage options to help you repair or rebuild your physical losses, and even to compensate you for lost income while you recover after a covered property loss.
Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss.
Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for a period of time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in Utah.
Other Insurance Options for Small Business Owners in Utah
Most businesses in Utah likely need more than just basic property and liability insurance. Other insurance options for small business owners in Utah include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in Utah. An independent insurance agent can make sure that all of your Utah business insurance needs are met.
Average Cost of Business Insurance in Utah
Every business is unique and there are many variables that contribute to the cost of business insurance, making it difficult to compute an average cost of business insurance in Utah. Several factors, including the following, influence the cost of Utah business insurance:
- The size and physical location of your business
- Your number of employees
- Your gross sales and payroll
- The nature of your business (what do you do?)
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- Your prior claims history
- The types and amounts of coverage that you need
An independent insurance agent can help you understand all of the risks you face and get quotes for affordable business insurance in Utah.
How does your city measure up to the national average?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Bountiful | 4,629 | 2.64 | 1.34 |
| Draper | 4,651 | 4.21 | 3.86 |
| Layton | 4,808 | 2.45 | 0.97 |
| Lehi | 4,379 | 2.57 | 0.66 |
| Logan | 3,828 | 3.13 | 0.77 |
| Murray | 5,522 | 9.45 | 8.34 |
| Ogden | 6,092 | 6.28 | 3.19 |
| Orem | 10,304 | 1.75 | 1.05 |
| Park City | 3,377 | 3.9 | 2.39 |
| Riverton | 3,442 | 3.04 | 1.02 |
| Salt Lake City | 24,710 | 8.97 | 9.27 |
| South Jordan | 5,432 | 2.45 | 1.45 |
| West Jordan | 8,421 | 5.78 | 3.35 |
How Does Your Utah City Measure Up?
Property: Since the crime rate in Ogden can affect your coverage rates, you should pay attention to it. Without the right insurance that covers the unique risks you face, you could suffer significant financial damage.
Commercial auto: Does your business own a vehicle or a fleet of vehicles? If so, you need commercial auto insurance. But remember that your rates are based on various factors such as the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather and property crimes are the top ways your property can be damaged. Don't you want to have peace of mind knowing that your business is secure with the right kind and amount of insurance?
Commercial auto: Your commercial auto insurance needs to be unique and customized, not only to the types of cars you have but also to the amount of risk in the area. If you aren't sure how much coverage you need against theft, you should consult with a professional.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Park City can even affect your coverage rates, so consider all your risks when looking at insurance policy options.
Commercial auto: Commercial auto insurance rates are based on several factors. A qualified professional can help you determine how much coverage you need, depending on the number of vehicles you are covering and the risk of auto theft in your area.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather, property crimes, and unexpected fires can lead to serious business losses if you aren't properly insured. Remember that your monthly rate will be calculated based on the risks you face so that you can have enough coverage in case something happens.
Commercial auto: Did you know that the types of vehicles you have determine how much insurance you need? This is just one of the many factors that you have to consider when buying commercial insurance.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Provo can affect your coverage rates.
Commercial auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The property crime rate in Salt Lake City is very high and may impact how much you pay for coverage. Property insurance in less safe areas can sometimes be more expensive, so keep these things in mind when looking at insurance options.
Commercial auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Just think about it: Severe weather events and property crimes like theft or arson can lead to large business losses if you do not have the right insurance. That's why the Sandy crime rate needs to be considered when you're looking for business insurance.
Commercial Auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The crime rate in St. George can affect your coverage rates, but that's not the only thing you have to consider. In addition to severe weather events, an unexpected fire can lead to large business losses if you do not have the right insurance.
Commercial auto: Your commercial auto insurance rate will be based on the number and types of vehicles you are covering, the risk of collisions in your city, and the average amount of auto theft in your city. That way, it's comprehensive and takes the unique risks you face into account so you're financially secure.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Your West Jordan business needs all the protection it can get, especially when it comes to protecting itself against unexpected property crime. Your storefront or business property is essential to your overall success, so make sure that you have comprehensive coverage that is customized for you.
Commercial auto: Auto thefts can happen when you least expect them. You can install security measures and stay proactive about it, but a criminal can strike without warning and cause serious financial damage as a result.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Did you know that the crime rate in West Valley can affect your coverage rates? It's a reality you have to face, and something you need to look into when digging into which quotes and policies work best for you and your business.
Commercial auto: Commercial auto insurance doesn't have to be complicated, especially when you team up with a local expert. Several factors will be taken into account, one of which is the average auto theft rate in your neighborhood.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Utah employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Popular Questions about Business Insurance in Utah
While you can't predict the exact costs of business insurance in Utah, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Utah:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In Utah, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in Utah, but nearly every employer in the state must carry workers’ compensation insurance, with few exceptions.
In addition, if your business owns any vehicles, you’re required to comply with Utah’s car insurance laws by purchasing appropriate commercial vehicle insurance.
Most businesses in Utah need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Business general liability insurance is a primary building block of your Utah business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business.
Though not mandatory by Utah state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many business health insurance plans and options available in Utah for you to choose from. An independent insurance agent can help you find business health insurance plans near you.
EMC, Liberty Mutual, Travelers, Progressive, and Nationwide are some of the best business insurance companies in Utah. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in Utah now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Do You Know What Your Business Insurance Covers in Utah?
https://advocacy.sba.gov/wp-content/uploads/2022/08/Small-Business-Economic-Profile-UT.pdf
https://laborcommission.utah.gov/divisions/industrial-accidents/employers/employers-guide-to-workers-compensation/