What Insurance Do I Need for My Business?

Posted December 23rd, 2014 by bbsadmin & filed under General Business.


As a small business owner in Utah, you want to make sure you stay in compliance with the law while doing everything you can to protect your business. That being said except for workers compensation insurance if you have employees, there is no law in Utah stating that you must carry any other types business insurance. However, even though it is not required, it is a good idea to carry appropriate insurance. If you have real property, equipment, computers or vehicles, you may want to insure it against accidents and hazards. Also you should probably have some commercial liability insurance to protect yourself.

What Is Commercial Liability Insurance?

Commercial liability insurance is basically an insurance policy protecting you from claims against you for damages and injuries your company may have caused. This can include:

  • Bodily injury

  • Property damage

  • Personal injury

  • Advertising injury

It can also cover the costs to defend yourself against various suits. However, it typically will not cover you if the damages are determined to result from negligence on your part.

How Much Insurance Do You Need?

As you might expect, every business’ need is different. However, as a small business of under 500 employees, you typically do not want less than $500,000 in coverage. Of course, if you are a high risk business due to the types of products you sell or the services you offer, you may consider carrying more.

If you are a business owner in Utah, we can help you get proper commercial liability insurance coverage and other insurance as needed. Contact us today! Like us on FaceBook.