Small Business Insurance in Bountiful, UT
Your small business can be a rewarding, exciting and lucrative venture. However, owning and operating your own company can also include significant risks and exposures. Furthermore, as a small business, you may lack the financial resiliency of your larger competitors when it comes to weathering unexpected expenses. With all this in mind, it’s essential to prioritize risk management and loss control measures to protect your operations and assets. Fortunately, the agents at Axcess Insurance are well-equipped to help your small business secure its finances and future with a comprehensive insurance portfolio.
How Does Small Business Insurance Work?
When considering your company’s insurance needs, you should first understand that small business insurance may not refer to a single policy. While some policies may come close to fulfilling your needs, such as a business owner’s policy, there could still be some gaps. Indeed, you may need to assemble a personalized collection of coverages that insure you against risks most relevant to your unique circumstances. Your licensed agent can help you assess and address your business exposures and help construct a coverage portfolio that fits your specific needs. Taking these steps can better protect your small business against potentially unforeseen risks.
What Types of Insurance Do Small Businesses Need?
The insurance needs of small businesses vary significantly, even among those in the same industry or location. The following are example coverages that may prove to be valuable investments for most small businesses:
- Commercial property insurance—This coverage may help pay for losses involving your business’s physical property, such as its buildings, equipment, inventory and furniture.
- General liability insurance—This coverage may insulate your business from third-party losses for which it is responsible, such as bodily injuries and property damage.
- Business interruption insurance—This coverage may provide financial assistance if your business’s regular operations are interrupted or delayed. For example, it could pay for your rent, mortgage and payroll, or recoup lost income.
- Business owner’s policy—This policy often bundles general liability, commercial property and business interruption insurance. It may represent an opportunity to reduce your overall premiums; however, the policy may not cover all risks pertinent to your business.
- Workers’ compensation insurance—This coverage may help pay for losses and expenses arising from employees’ on-the-job illnesses or injuries, including medical bills, reduced income and disability benefits.
- Errors and omissions insurance—This coverage may help pay for your legal costs if a client or customer alleges you are liable for their losses due to inadequate professional services. Examples include representation, settlements and judgments.
In addition to considering these policies, your business should also work with the qualified insurance professionals at Axcess Insurance to identify any remaining coverage gaps. For example, companies that work with sensitive data or motor vehicles may want to prioritize cyber liability insurance and commercial auto insurance, respectively.
How Much Does Liability Insurance Cost for a Small Business?
Like most types of insurance, the cost of liability coverage for your small business can depend on several factors. Insurance companies will thoroughly analyze your operations and circumstances before being able to provide an accurate quote for sufficient coverage. Insurers can also help assess which type of liability coverage and amounts best fit your needs. In most cases, determining the cost of your policy may include consideration of the following factors:
- Services provided
- Age of business/experience level of employees
- Workforce size
- Number of clients
- Claims history
- Policy details (e.g., coverage limits and deductibles)
Do Small Businesses Have to Provide Health Insurance?
Under the Affordable Care Act, businesses with less than 50 full-time and full-time equivalent employees are not required to offer health insurance. Still, it may be advisable that your company at least consider providing access to a group health plan. By doing so, your business may help its employees maintain their health and wellness, which can cultivate better workplace morale. Furthermore, your company may benefit from offering health insurance by realizing better attraction and retention, along with potential tax credits.
Get the Right Coverage
At Axcess Insurance, our dedicated staff has extensive experience helping businesses, individuals and families in the Bountiful area acquire and maintain optimal coverage. We will work with you to assess your small business risks and exposures, explore your options and compile an ideal insurance portfolio. Contact us today to get started.