Get Commercial Insurance Ogden UT – Protect The Investment In Your Business
As a business owner, protecting your commercial business is certainly on your priority list. From maintenance to ensuring customer satisfaction, it is very important that everything goes smoothly.
As with residential property, unforeseen and threatening events can still happen and further worsen the condition of your commercial building.
In order to better understand the importance of this type of protection, how much does it cost, and how to choose the best coverage option for your business, scroll down.
3 Types Of Business Insurance
There are 3 main types of business insurance and they are:
- Commercial property insurance
- Liability coverage
- Employee insurance
Commercial Property Insurance
This insurance coverage protects your business property. Perils that are included are storm, fire, theft and so on. Some common policy types include business personal property, commercial auto, business income, etc.
Additional tip:
This type of coverage does not protect your business rom floods. This will usually include additional coverage options.
Liability Coverage
Liability insurance provides legal liability coverage in case your company gets sued. This includes property damage (caused by your company), bodily injury, errors and omissions and so on. Some common policy types include commercial umbrella, general, directors and officers, and so on.
Employee Insurance
The federal law stipulates that employee business insurance is mandatory if your US-based business has three or more employees. Business owners are required to purchase worker’s compensation and disability insurance.
What Does Business Insurance Cover?
A business, or commercial insurance protects business owners from unforeseen major financial losses, property damage, lawsuits, and so on.
Depending on the type of insurance policy you choose, your commercial insurance covers:
- Theft
- Liability protection
- Property damage
- Lawsuits
- Vehicle insurance
- Loss of income
- Employee injury/illness
- Workers compensation
- Customer injury
How Much Does Business Insurance Cost In Utah?
According to information from a US study on small businesses, here are the average rates:
- General Liability: $65/mo
- Business Owner’s Policy: $99/mo
- Professional Liability: $97/mo
- Workers compensation: $111/mo
According to the information pulled from the Small Business Administration (SBA), 606,609 people are employed by small businesses in Utah. The most populated cities are Salt Lake City, West Jordan, West Valley City and Sandy.
Best Insurance Companies in Ogden UT
Owners of businesses in Ogden UT should look into the following insurance companies:
- Stranger Insurance
- Blackburn Jones Agency
- The Insurance Center, LLC
- Cornerstone Insurance Agency
When Is Business Insurance Ogden Utah Recommended?
Regardless of how big or small your business is, having business insurance is strongly recommended. However, here are some prominent cases when you need this type of business protection:
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You have employees.
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Your business has grown.
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You acquired a business vehicle.
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You need industry specific insurance.
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You recently signed a lease.
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It is required by law in your jurisdiction.
What Factors Affect The Cost Of Your Business Insurance?
The following factors can determine the cost of your Utah business insurance:
- Industry: Riskier professions equal higher premiums.
- Location: Insurance rates depend on the location of your business. For instance, state laws direct coverage levels for workers compensation insurance.
- Size: The number of employees can direct the cost of your insurance policy.
- Payroll and sales: Workers compensation insurance cost directly correlates to the annual payroll.
- Prior claims: Having prior insurance claims is a red flag if you’re looking to purchase business insurance.
- Coverage and deductibles: The amount you will pay as well as the circumstances, can determine the cost.
Can The Cost Ogden UT Business Insurance Be Lowered?
Policy holders can seek discounts for their Ogden UT business insurance by taking the following steps:
- Having few to no claims made against your business.
- Bundling your coverage.
- Prepaying your annual premium.
- Adjusting your deductibles.
- Investing in workplace safety.
Final Thoughts
If you’re running a business located in the Ogden area, you will certainly be encouraged to purchase business insurance that protects you, as a business owner from a variety of risks.
Your specific needs may dictate the cost of the policy. Other factors, such as the type of industry you work in, number of employees and location are also important.
Owners of businesses will be able to get discount on their policy if they bundle insurance policies, prepay their annual premium, invest in safety, and so on.
If you’re a small business owner looking for the best policy to help you protect your business, use our tool to get a free online quote now!
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