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Types of Commercial Insurance To Consider for Your Small Business in Utah

General Liability

Commonly known as business liability insurance, general liability is an essential tool that safeguards your business from 'fundamental' claims involving property damage and workplace injuries. It's a near-universal requirement for the multitude of businesses operating in Utah. General liability insurance underwrites the costs associated with legal assistance and potential medical bills arising from damages or injuries. Furthermore, this insurance covers reputational harm and copyright infringement, which could be exceedingly costly for a business owner to resolve independently.

What Does General Liability NOT Cover? 

General liability insurance doesn't cover costs associated with professional or intentional errors, vehicular accidents, damage to your own business property, claims that exceed your policy limit, or employee injuries and illnesses. However, you do have the option to select from a range of coverages that can be customized to align with your business's specific needs.

You should consider procuring general liability insurance for your business if you:

• Utilize social media for professional or personal purposes
• Operate or handle work in close proximity to a client’s property
• Own a building, store, or office that is accessible to clients, vendors, and the general public
• Develop or distribute marketing materials for your business
  

Workers Compensation

ANearly every business across the United States is mandated to procure workers' compensation insurance to safeguard employees' interests. Most states obligate business owners to secure an insurance policy that fulfills the commitment of providing necessary funds to employees who fall ill or suffer injuries due to working conditions. Regardless of the scale of your business, large or small, fulfilling these obligations can be an ongoing challenge.

Contrary to most states, Utah does not mandate workers to carry workers' compensation insurance. Instead, there's a cap on the compensation an employee will receive in case of an illness or injury that results in temporary or permanent disability.

The primary objective of workers' compensation is to offer financial support to employees who suffer injuries or disabilities due to job-related circumstances. Workers who forego workers' compensation insurance often struggle with legal complexities and meeting the financial requirements of medical bills and other expenses. Workers' compensation provides a comprehensive coverage that includes compensation for medical expenses, vocational rehabilitation, lost wages, and death benefits. If an employer fails to provide workers' compensation, the employee has the right to sue the employer, potentially exposing the employer to penalties in addition to the insurance benefit.

What Does Workers' Compensation Cover?

Workers' compensation provides financial protection by offering medical care, rehabilitation, lost wages, death, illness, and disability benefits for employees who are injured or killed while on the job. The premium amount is calculated based on the employee’s current payroll and the nature of the work performed. For instance, if an employee in a construction business trips and falls while working at height, the injuries or disability sustained will be covered by the insurance policy. Additionally, medical expenses and the cost of rehabilitation (if needed) will also be covered by the policy up to the specified limit.

What Does Workers' Compensation NOT Include?

Here are a few instances that are not covered by workers' compensation:

• Injuries intentionally inflicted by an employee
• Injuries incurred during a fight instigated by the employee
• Emotional trauma that is not tied to a physical workplace situation
• Injuries sustained due to intoxication at the workplace
  

Cyber Liability Insurance

Operating a business invariably entails exposure to various physical threats and damages, hence the necessity for insurance. However, have you thought about insuring against digital or online threats? Online threats encompass everything from hacking to data breaches. As such, many businesses opt for cyber liability insurance to mitigate the financial impact of cybercrime. Cyber liability insurance can offer substantial coverage to respond swiftly to data breaches and other tech-related crimes. While typically associated with large-scale businesses, even small business owners can secure this type of insurance policy to protect their enterprises. Here's how cyber liability insurance can safeguard your business:

• It can cover regulatory fines levied by state and federal agencies.
• It can take care of notification costs for informing customers about breaches in their personal information.
• It can compensate for extortion payments made to retrieve locked files.
• It can cover lawsuits related to breaches in employee or customer privacy and security.
• It provides legal services to help businesses comply with federal and state regulations.

What is Not Covered Under Cyber Liability Insurance?



It's essential for business owners to understand the exact scope of coverage offered by cyber liability insurance. For example, the policy does not cover claims arising from utility failure, bodily injury, contractual liability, or property damage. To obtain comprehensive coverage against these scenarios, you'll need to opt for different types of insurance policies. For instance, you could pair cyber liability insurance with general liability insurance or commercial property insurance.