Utah Business Insurance

Why Get Business Insurance in Utah
Tourism is a major factor in Utah’s economy. Its natural attractions range from the glorious natural rock arches with their red rocks blazing in the sunset to dramatic mountain slopes covered with snow. A smart business owner knows that one of the essential keys to the success of a company is to ensure that a valid Utah business insurance policy is in place. Whether you own a small retail shop or a multimillion dollar company, liability insurance can offer financial protection against claims that may occur. Without this coverage, circumstances can arise that not only can be costly but can potentially destroy your business and all you have invested.

Worker’s Compensation in Utah
If you have employees in Utah, then you’ll need a worker’s compensation policy. Utah requires all business owners to provide this coverage for their employees. This law is intended to provide benefits for any employee who suffers an injury at work or acquires an occupation-related disease. More often than not, risks factors will influence your Utah business insurance quotes. A good example is the cost to cover workers in the mining profession. Wages lost due to work-related injuries are also part of worker’s compensation.

Coverage for Utah Business Insurance
Some businesses need more than basic Utah business liability insurance. The only way to determine if you need additional coverage is by evaluating the services which your company provides and what type of industry your business is engaged in. For example, if your company is involved in manufacturing, Utah product liability insurance should be included in your insurance policy. This protects your business in the event it manufacturers a faulty product which causes serious injury or death to a customer. In this case, the injured victim or the victim’s family has every right to sue your company for the damages brought about by the faulty product. These damages can be extremely costly and can even be more than the company’s available funds. Having the proper Utah business liability insurance coverage in place will ensure that your business is protected from financial ruin in the event of a lawsuit and the resulting settlement.

Professional liability insurance is another coverage that may be included in your Utah business policy. This provides protection against omissions in paperwork or other errors that may cause some type of damage to others.

If you carry professional liability insurance, the consent to settle clause may be contained within your Utah business liability insurance. This clause literally means that your Utah business liability insurance carrier can’t settle a claim without your consent. However, the business insurance company can strongly recommend that you allow them to settle a claim especially if they feel that you may lose the case in court. Listening to them and considering their advice are important because in certain instances, going to court can become even more expensive due to court costs and judgment amounts. Sometimes, as long as the injured party agrees, settlement can be the ideal solution.

Nevertheless, if you still do not wish to settle because you believe you are not negligent, you can inform your insurance carrier of this fact. They have a duty to listen to your reasoning and to work with you in delivering a favorable outcome to your situation. Your business liability insurance will shoulder the court costs and even pay the judgment amount awarded by the court. It is important that you have limits high enough to cover any potential claim that might be filed against you. You must do this before an actual claim is filed because once you are actively engaged in a lawsuit, making changes to your business insurance policy is strictly prohibited under Utah law.