Utah commercial insurance coverage

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Commercial Insurance Coverages

Commercial Insurance

At the Greg Alldredge Agency in Utah, we help business owners and executive managers get the commercial insurance that they need. Commercial insurance consists of a group of insurance policies. Each policy covers specific risks that may be experienced by a business and its owners.

Finding Insurance for your Utah Business

Every business operating in the state of Utah has certain insurance requirements that they must have under state laws, such as having workers’ compensation coverage and at least the state’s minimum auto insurance for any vehicles. Most businesses have a greater need than the basic legal requirements for commercial insurance. There are specific risks that they need to cover with additional insurance for better protection.

One serious cause of business failure is not carrying adequate insurance. Prudent business owners and executives eliminate as much of this risk as possible.

Here are the commercial insurance categories to discuss with your agent:

  • Worker’s Compensation: Every business in Utah is required by law to have this insurance coverage for its workers if they have one or more employees. It will protect you from worker injuries and the expenses associated with them.
  • Commercial Vehicle Insurance: Every vehicle used for the business, even if only occasionally, needs this insurance coverage. It will act as an auto policy for your company.
  • General Liability: This insurance is not required by law; however, it is always needed by every business. It will protect you from accidents and incidents that happen on your property.
  • Property & Casualty: This coverage protects the business if it owns or leases commercial property.
  • Professional Liability: Any professional that is required by law to be licensed in the state needs this specialized insurance coverage. It is also called malpractice insurance or errors and omissions (E&O) insurance for different industry sectors.
  • Product Liability: Any business that manufactures or distributes products need this coverage to protect themselves from injuries caused by your product.
  • Key-Person Life Insurance: This provides a cash benefit if a key person dies or becomes permanently disabled to help keep the business running without their participation.
  • Business Interruption: If a business is stopped from functioning due to a covered cause, such as a natural disaster, this insurance provides money to help the business pay its bills until it can start up again.
  • Board & Director’s Liability: This is special coverage that protects board members from having personal liability for anything done by the company.
  • Cybersecurity and Terrorism: These are special risks that many businesses need to cover.
  • Umbrella Insurance: This insurance extends the policy limits of other coverage and may offer protection for things not covered by other policies, such as legal expenses in a lawsuit. Ask your agent about the details of what can be insured in this category.
  • Bonding: Bonds are insurance guarantees that are issued to guarantee the performance of the company’s work, the behavior of its workers, and the completion of a project.

We provide insurance solutions for these categories of commercial insurance and any special needs that your business may have. Give us a call or come to our office to discuss these critical considerations with your agent at the Greg Alldredge Agency.

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