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Which insurance policies are recommended for Salt Lake City businesses?
Forbes recently ranked Utah as the sixth best state for small businesses, which means abundant opportunities for small business owners in its biggest city. Protect your Salt Lake City business with these insurance products.
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Salt Lake City often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Salt Lake City recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy, or BOP, is an affordable way to buy general liability and commercial property insurance together. It's recommended for low-risk small businesses in Salt Lake City.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Utah businesses with any employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Salt Lake City businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Salt Lake City business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in Salt Lake City, UT?
State and local laws can determine the type of insurance you need. These policies help you comply with Utah business insurance requirements.
Workers' compensation insurance
The Utah Labor Commission requires almost all businesses with any employees to carry workers’ compensation insurance. This includes both full-time and part-time employees.
Workers' comp insurance pays for medical expenses from job-related injuries and illnesses. It also provides disability benefits for injured Utah workers.
While workers' comp is not required for independent contractors and sole proprietors, it is strongly encouraged as personal health insurance typically won't cover work-related injuries or incidents.
Additionally, most policies include employer's liability insurance, which protects employers against legal costs related to worker injuries.
Commercial auto insurance
From Salt Lake City to St. George, small business owners across the state of Utah are required to carry commercial auto insurance for all business-owned vehicles. This insurance policy pays for legal defense costs and property damage after an auto accident.
Utah businesses must meet the state's requirements for auto liability coverage:
- $25,000 bodily injury liability per person / $65,000 per accident
- $15,000 property damage liability per accident
- $3,000 personal injury protection per person
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
Personal injury protection (PIP) is also mandated in Utah for commercial auto policies. This add-on protection provides medical payment coverage in the event of an accident, regardless of who was at fault.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA).
How much does business insurance in Salt Lake City cost?
Small businesses in the Beehive State don't have to pay a lot for commercial insurance. Here are a few average costs for Utah businesses:
General liability: $45 per month
Workers' comp: $45 per month
Professional liability/E&O: $75 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Salt Lake City business insurance
Review answers to common questions about Salt Lake City business insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement.
With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the coverage options that suit your business insurance needs and pay for them online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your small Salt Lake City business that matches your specific needs and your budget. Our insurance agents can also answer questions about the right coverage for your industry risks and exposures.
Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Utah's data breach laws require Salt Lake City businesses to notify any residents whose personal identifiable information (PII) is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Salt Lake City insurance requirements?
Yes, the city of Salt Lake City may have special requirements for business insurance and bonds, depending on the type of work you do.
Anyone operating a business in Salt Lake City must maintain a valid business license with the Salt Lake City Business License Division.
Here are a few examples of businesses with other obligations:
- Cannabis businesses in Salt Lake City must carry a performance bond.
- Contractors need commercial general liability coverage to operate in Salt Lake City. They might also need a surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are not required to carry errors and omissions insurance (E&O), sometimes called professional liability insurance. Other professional services businesses sometimes need this policy to get licensed.
- Notaries public in Utah must carry a $5,000 surety bond for the length of their four-year commission.
- Physicians aren't required by law to carry malpractice insurance, but you may need it to work in some healthcare facilities.
Small business owners should check with local Salt Lake City and industry requirements to ensure they have all the appropriate business insurance coverage before beginning operations.
How can I get help starting a small business in Salt Lake City, UT?
Salt Lake City is praised for favorable business policies and a growing economy, offering numerous opportunities for entrepreneurs.
To help you get started, here's a list of local organizations available to provide guidance and resources:
- The Salt Lake City Public Library System offers small business support including training materials, industry reports, and technical resources.
- Salt Lake City provides assistance with obtaining permits, growing small businesses, and signing contracts.
- The Governor's Office of Economic Opportunities assists small business owners with networking, training, and licensing opportunities.
- Salt Lake Chamber provides entrepreneurs with a job board, certification services, and other training opportunities.
- SCORE Utah offers free business advice and training, with support from experienced entrepreneurs from diverse industries and specialties.
- Small Business Administration Utah assists small businesses with funding, contracting certificates, and disaster relief support.
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on Salt Lake City business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Pick the right types of coverage for your needs. Some businesses can save huge amounts of money by having certain policies, such as inland marine insurance, to cover for common risks associated with your small business.
- Focus on workplace safety and risk management. Fewer accidents mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.