The Beehive State is a great place to own a business. Insurance is essential to making sure that business is protected. Here’s Benzinga’s guide to finding the best business insurance in Utah.
Best Business Insurance Options in Utah
Utah Business Insurance Provider Reviews
Your insurance is only as good as the company you choose. You also want to choose a company that understands the type of business you own. Let’s dig into the top picks for Utah business owners.
Best Overall for Business Insurance: The Hartford
The Hartford has been offering insurance for more than 200 years. Ethisphere has rated it as a highly ethical company and it’s taken care of clients through significant disasters, paying out claims so businesses can rebuild. Its clients give it high ratings when it comes to the claims experience, which speaks to its high level of customer service.
The Hartford offers more than just standard business insurance options like business owner’s policies, liability insurance and workers’ comp insurance. It also offers data breach insurance, which helps businesses recover from cybersecurity incidents. The Hartford can tailor a package to the needs of your unique business.
Best for Tailored Coverage: Simply Business
Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business.
Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price.
Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance that will cover everyone on your team, and you can get covered in accordance with Utah law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
Best for Small Businesses: Hiscox
Hiscox has been offering business insurance for over 100 years. It focuses on small business insurance, offering coverage that’s tailored to your business needs. In Utah, it works extensively with contractors, accountants, IT consultants and photographers, but it’s a good fit for any small business owner.
Hiscox offers flexible payment options, which is important for small business owners with irregular cash flow. It also assigns a designated claims representative to you when you file a claim so you have a consistent point of contact throughout the process.
Best for Self-Employed: Farmers Insurance
Self-employed individuals need business insurance just as much as any other business owner. Farmers Insurance offers a range of business insurance coverage, including business owner policies (BOPs), which are a good fit for many self-employed professionals. BOPs bundle business liability and property insurance into one policy.
Farmers Insurance works through a network of local agents. You can reach out to an agent near you who will assess your business needs and recommend a policy that makes sense. Your agent will also be there to support you if and when you need to file a claim.
Best for Local Expertise: Beehive Insurance
Beehive Insurance started as an agency serving Utah businesses. While it’s grown over the years, it still focuses on the needs of Utah businesses. It works closely with business owners to assess areas of risk and take steps to mitigate those risks.
Beehive Insurance offers inland marine and cyber liability insurance, in addition to standard business insurance options. Beehive Insurance also offers access to value-added services like HivePlus. HivePlus connects you with attorneys and other experts who can answer your business questions.
Best for Agriculture: Nationwide
Agriculture is a significant industry in Utah. Farmers face unique risks, and they need insurance coverage designed for those risks. Nationwide has high marks when it comes to customer satisfaction. It’s experienced in working with farms and ranches of all sizes.
Your farm agent will be knowledgable about the needs of agribusinesses. Nationwide certifies its farm agents to ensure they understand how to assess the risks involved with farming and ranching. It offers policy bundles, but you can also tailor your policy to your needs. You can access your policy any time online or by contacting your farm agent.
Types of Business Insurance
When you start shopping for business insurance, you’ll see that there are several types of coverage to consider. Here are the most common types:
General Liability: General liability insurance covers a wide range of claims, including bodily injury, property damage and damage due to slander or libel. General liability insurance helps to cover the costs of defending yourself against lawsuits. It also helps to cover damages if you’re found to be responsible.
Product Liability: Product liability insurance protects you from claims related to goods you sell to the public. It’s sometimes part of a general liability, but if you sell goods to the general public, you may want to consider separate coverage. This coverage helps to protect you in the event of manufacturing defects, design defects or insufficient warnings or instructions on your product.
Commercial Property: Commercial property insurance protects your business’ buildings as well as its contents. Policies will typically cover either the cash value of the property or the replacement cost. The replacement cost covers what it costs you to replace or rebuild your business. Cash value policies reimburse you for what the property is worth at the time of the loss.
Workers’ Compensation: In most states, businesses with employees are required to have workers’ compensation insurance. Workers’ compensation insurance covers your employee’s costs if they are injured or become ill due to their work. It helps cover their medical bills and make up for their lost wages.
Professional Liability: Professional liability insurance covers you from claims due to not providing professional service. It’s also known as malpractice or errors and omissions insurance. Health care professionals, attorneys, insurance agents and accountants are some of the professionals that should have professional liability insurance.
Cost of Business Insurance in Utah
Since there are so many different types of business insurance — and so many types of businesses — it’s hard to determine an average cost for business insurance. Some of the factors that can impact the cost of your policy include:
- The type of business. A business that involves working with dangerous equipment would need different coverage than an accounting firm. That doesn’t necessarily mean the overall insurance will cost less, though, since an accounting firm would need professional liability insurance.
- The number of employees. Workers’ compensation insurance is priced per employee. There’s also a higher likelihood of property damage if you have more workers on your property.
- The amount of coverage you choose. Smaller businesses will need less coverage than larger ones, so their policies will typically cost less.
- Your claims history. If you’ve had business insurance, insurers will look at your claims history to determine how much to charge.
There are some ways to lower your insurance costs. These include:
- Bundling your coverage. If you get all of your business insurance from one provider, they may offer a discount.
- Providing safety equipment. Depending on your business, this may include goggles, gloves and eye-washing stations.
- Documenting your safety practices. If your insurance company can see that you have safety practices in place, it may charge you a lower premium.
- Installing fire and security alarms. These also help improve the safety of your business, ensuring emergency personnel are alerted and can respond promptly.
Review your insurance policies carefully, and make sure you don’t have any duplicate coverage.
Which Utah Business Insurance Is Right for Me?
The best approach to finding business insurance is to contact multiple insurance providers. Benzinga’s quote tool makes it simple. Just enter your zip code and click on 2 or 3 insurers to get a quote.
Although getting multiple quotes can be time-consuming, you can compare their approaches to insurance coverage and see which is the best fit for you. Look for personal service, quotes that are tailored to your line of business and a history of paying claims promptly. Although insurance costs impact your bottom line, it’s essential to ensuring your business can recover if a worst-case scenario occurs.
Frequently Asked Questions
Is business insurance required by law in Utah?
Utah only mandates that businesses carry worker’s compensation insurance. Other types of business insurance aren’t mandatory, but it’s risky to operate without some type of coverage.
What is the best business insurance in Utah?
This will ultimately depend on your business’ unique needs and budget, but many business owners find The Hartford to be a solid choice.