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If you own a small business in the Beehive State, this information will help you understand Utah Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in Utah.
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If you own a small business in the Utah , this information will help you understand Utah Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Salt Lake City, West Jordan, Orem, Sandy, Ogden, St. George or anywhere else in the Beehive State, having sufficient commercial liability coverage is an important part of any small business plan in Utah.
A small business is defined as any company with fewer than 500 employees. Small business is vital to Utah’s economic well-being, accounting for nearly 97% of all state employers. Of Utah’s 241,692 small businesses in 2008 (the latest data available), 58,412 were small employers, accounting for almost 49% of the state’s private-sector jobs. Another 183,280 were sole proprietorships with no employees.
Source: SBA Utah Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Utah business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in Utah. There are no personal injury award caps in Utah. The statute of limitations for any personal injury is 4 years and for product liability is 2 years. Accidents and lawsuits (legitimate and frivolous) do happen in Utah. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Utah small businesses.
Each situation is unique, but as a general guideline, the type of Utah business you operate or products you manufacture should determine how much Utah commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
Utah commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
Utah Insurance Department
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | www.insurance.utah.gov |
| Call: | (801) 538-3500 |
| Write: | Utah Insurance Department, State Office Building Room 3110 Salt Lake City, UT 84114-6901 |
Utah Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains a District Office in Salt Lake City. Get the link to the Utah SBA at www.sba.gov.
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at http://www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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