Bountiful Business Insurance
Learn about what business insurance you need.
Written by
Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.
Bountiful is a growing city, located in Davis County, Utah. This busy area serves as a bedroom community to Salt Lake City. In addition to housing hundreds of commuters, Bountiful, UT has a historic district that features beautifully maintained homes. With all the city has to offer, small businesses thrive in the area. During previous years, there were 256,028 small businesses in Utah, providing employment to 504,279 people. Of course, owning a business is always risky. Recently, loss payouts to Utah businesses totaled $1,871,508.
As a business owner, make sure you take steps to protect your investment with Bountiful business insurance. Our Independent Insurance Agents specialize in helping businesses in Bountiful select comprehensive commercial insurance that safeguards against the city's most common threats. Every Bountiful business needs the protection of general liability insurance. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Make sure your business is prepared with the right kind of general liability insurance.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. All small businesses are at risk for liability lawsuits. If your business manufactures a physical good, product liability insurance is the best option. It takes only a single defective product to land you in the middle of an expensive liability lawsuit, but product liability insurance safeguards your business assets.
- Errors & Omissions/Professional Liability: For businesses that provide services rather than sell products, professional liability insurance is the best option. This type of coverage protects you against accusations of errors and omissions. If you do end up in a lawsuit, your professional liability insurance covers the costs of legal defense and any court-ordered payouts.
Business Interruption Insurance for Bountiful Businesses
- Recent Gross domestic product: 2.2%
- Recent Utah gross state product: 3.8%
- The recent GSP increase was 1.6% more than the recent GDP increase
Imagine for a moment that a massive winter storm hits the area and your business's roof has collapsed under feet of snow. Even after everything melts away, you will still have to close temporarily to make repairs. Business interruption insurance steps in to pay you for the profits you lose during this unexpected interruption. It’s a lifesaving policy that could keep your business afloat if disaster strikes in your neighborhood.
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Property Insurance for Bountiful Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Bountiful residents can expect to endure severe winter weather each year. This city sees an average of 31 inches of snow annually, which is well above the national average. Business owners need to have reliable commercial insurance to protect their investment, especially through the winter months. If your business gets thrashed in a storm, you can file a claim with your business insurance company and get the funds you need to make repairs and get back to work as soon as possible.
Workers' Compensation for Bountiful Businesses
If an employee is injured on the job, you could be facing a major lawsuit. Workers' compensation safeguards your business by paying for medical care and lost wages after a work-related injury. Across most of the United States, employers are now legally required to have workers' compensation coverage before hiring even a single employee.
Employee Coverages for Bountiful Businesses
- Total recent spending on premiums in Utah: $282,462
- Ranked 15th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,096/person or $15,341/family
All across the nation, health care rates are rising, making it near impossible for employers to find affordable benefits to offer employees. Our agents can help you find affordable employee coverages by providing quotes from multiple policies. By taking the time to compare rates, you can drastically cut the costs of health insurance and life insurance plans for your staff.
Cyber Crime Insurance for Bountiful Businesses
- 1,586 identity theft complaints in Utah in recent years
- Ranked #42 highest for identity theft complaints in the U.S.
Research shows that only 22% of small businesses have a response plan in place to deal with cyber attacks and data breaches. Cyber crime is a growing threat for small businesses, and Bountiful is no exception. If you find yourself in the middle of a serious data breach or fall victim to a hacker, cyber crime insurance steps in and provides resources for your business to recover.
If you are ready to begin your search for affordable business insurance, start today with a call to an Independent Insurance Agent. Our experienced agents can walk you through your options, answer your questions and point you toward the coverages that will best protect your small business against Bountiful’s most common threats.
Contact an agent, and get a free rate quote on Bountiful commercial insurance today.