Despite being a relatively small state when it comes to population, Utah is a giant when it comes to small businesses.
The state has just over 300,000 small businesses according to the United States Small Business Administration (SBA). They make up more than 99 percent of all the state’s companies, one of the highest percentages in the country. Small operations employ almost 600,000 workers, which is 46 percent of the state’s workforce.
The one thing small businesses have in common is that they face risks such as causing damage to other people’s property, bodily injury, and other issues. General liability insurance covers small businesses for the risks of being sued in these situations.
Many companies offer business liability coverage, most often as a part of a Business Owners Policy (BOP). We checked out many of them to come up with our list of the six top providers in Utah for a range of reasons. We pulled quotes from several of the companies. We also include all the information you need to find and purchase the right coverage for you.
- Top 7 providers of general liability insurance in Utah
- What does general liability insurance cover?
- What does general liability insurance not cover?
- Is general liability insurance required in Utah?
- Why Utah small businesses should get general liability insurance
- How much does general liability insurance cost in Utah?
- How to find cheap general liability insurance in Utah
- General liability insurance for contractors in Utah
- Small business insurance in Utah
Top 7 providers of general liability insurance in Utah
We researched more than 15 insurers that are offer general liability coverage for small businesses in Utah. Here are our recommendations of the 7 best providers for different reasons.
- Simply Business: Best for finding cheap coverage from solid carriers
- CoverWallet: Best for businesses that want to compare quotes quickly
- Hiscox: Best for small businesses with unique general liability insurance needs
- Liberty Mutual: Best for growing companies
- The Hartford: Best for businesses looking for a sound and ethical insurer
- Chubb: Best for companies that have industry-specific insurance needs
- Next: Best online experience
Simply Business: Best for finding cheap coverage from solid carriers
Simply Business is a digital brokerage firm specializing in serving small businesses. What sets them apart is that they partner with several reputable carriers that have solid financial strength ratings and tend to offer low-cost coverage. That makes it easy for you to find the cheapest general liability insurance quotes with them.
After submitting your information, Simply Business will provide several quotes from partners that they work with. Many of their carrier partners may not be well-known but offer great affordable quotes that you wouldn’t be able to access otherwise.
Getting and comparing several quotes online are fast and simple. Within 10 minutes you will find the cheapest one for you.
Simply Business also has a great customer satisfaction rating on trustpilot.
CoverWallet: Best for small businesses in Utah that want to compare quotes quickly
CoverWallet is a cutting-edge insurance provider. The firm has developed its own state-of-the-art platform, based on its own algorithms, to ensure it is able to connect Utah small businesses with all the business insurance they need, including general liability coverage, at the most reasonable price. The platform makes it quick and easy to get quotes from several providers at once, making it possible to compare quotes from highly reputable insurers all on a single screen.
Here’s what a comparative quote from CoverWallet looks like.
The firm’s experts have used their extensive experience to make sure you only have to input the information needed to generate quick and accurate quotes. The entire process should take less than ten minutes.
You can feel confident knowing that CoverWallet is a part of Aon, an established company that provides advice to businesses on things like risk, health and retirement.
Once you get your quote, CoverWallet makes it easy to purchase a general liability policy or complete business insurance package online or through an agent. When you get your general liability policy through CoverWallet, it’s simple to manage your coverage online, including downloading a certificate of insurance, filing a claim, renewing your insurance and more.
Hiscox: Best for small businesses with unique general liability insurance needs
Hiscox offers a complete array of business coverages and is a leading insurer that specializes in small business insurance.
Hiscox makes it easy to purchase all types of business insurance online. You can also speak with experienced business insurance experts who can help you customize your coverage to meet your unique company needs. Hiscox also offers top tier service, provides fast quotes, instant coverage, and quick claims processing.
If you choose Hiscox for your business coverage, you can rest assured knowing you’re entrusting your organization to a firm that’s been in operation since 1901. More than 400,000 companies choose Hiscox for their coverage.
Liberty Mutual: Best for growing companies
Small businesses change over time, and their insurance needs evolve. Liberty Mutual is uniquely able to serve their changing insurance needs. In addition to core general liability protection, they offer one of the most comprehensive ranges of business coverages of any insurer. They are able to customize policies to meet the needs of virtually any business. In addition to this, their experts are always looking ahead to identify new business risks and find efficient ways to cover them.
In addition to its flexibility, Liberty Mutual is a Fortune 100 company and one of the largest insurance firms in the United States and across the globe. You can feel confident knowing that Liberty Mutual will have the funds to cover any claim you make.
Also, Liberty Mutual is known for its workplace safety programs. By implementing them, you may be able to save on your general liability premium costs over time.
The Hartford: Best for businesses looking for a sound and ethical insurer
The Hartford is one of the oldest companies of any kind in the United States. It’s been offering insurance solutions for more than 200 years and has helped one million plus businesses with their insurance needs. The company takes pride in the fact that the Ethisphere Institute named it a World’s Most Ethical Company twelve times. The Hartford’s longevity and focus on ethical business practices makes it a company that you can feel good about doing business with.
The Hartford’s dedicated and highly experienced small business team is available to help company owners explore their business liability and other commercial insurance options. If you decide to purchase insurance from The Hartford, you can rest assured knowing you’re entrusting your business to a strong, stable, knowledgeable, and ethical provider.
Here is a sample of a quote from The Hartford.
Chubb: Best for companies that have industry-specific insurance needs
Chubb is the largest publicly traded property and casualty insurance company in the world.
Chubb focuses on understanding the unique risks of businesses in different industries including technology, healthcare and real estate. That means your business general liability coverage can be combined with other coverages (Chubb has more than 30 of them) to protect against the risks of any company in virtually any industry.
Because the experts at Chubb have such a deep understanding of the risks faced by businesses in many industries, they have programs — and are able to offer advice — on how to reduce workplace threats. Not only is lowering risk levels the right thing to do, it can help reduce general liability and other business insurance costs.
Next: Best online experience
Next is changing how businesses purchase general liability insurance and other coverage.
Their operation is focused on delivering the ultimate online insurance experience. Because of this, you’re able to purchase a policy, file a claim or get a certificate of insurance any place, any time, 365 days a year. Even though Next is an online insurer, you can get expert help over the phone when you need it. The firm is also known for being able to make most claims decisions within 48 hours.
Even though Next is a relatively new and innovative company, you can rest assured knowing it has an excellent rating from A.M. Best, an insurance company rating agency. All the company’s policies are backed by MunichRe, an established insurance company and reinsurer. More than 10,000 business owners have turned to Next for their insurance needs. The firm has earned a solid 4.7 customer rating.
One caveat about Next: It offers insurance coverage for a limited number of industries.
What does general liability insurance cover?
General liability insurance helps pay for property and other types of damage that occur as a part of doing business. It also helps cover injuries that happen on your business property. Some examples of things covered by a general liability insurance policy include:
- A customer or client’s medical expenses if they slip, fall, and break their leg in your lobby.
- The cost to repair a sofa damaged by a contractor working on a client’s home.
- Judgements and settlements if a client sues you for slander.
Typically, general liability insurance can help cover claims related to:
- Third party property damage caused by you or an employee while conducting business
- Medical costs if your customer or client gets hurt when visiting your business
- Reputational harm resulting from malicious slander, libel, wrongful eviction, violating a person’s privacy, and more
- Advertising issues, such as copyright infringement and mistakes on your website.
What does general liability insurance not cover?
General liability insurance provides very specific types of coverage. It doesn’t cover all aspects of your business or the risks it could face.
Here are some examples of things that are definitely not covered:
- Worker injuries: Your general liability insurance covers injuries to clients, customers, and passers-by that happen on your business property. However, it doesn’t cover employees injured while on the job. You’ll need workers’ compensation insurance for that. Learn more at the best workers comp insurance companies.
- Bad professional advice: If you or someone who works for you provides a client or customer with incorrect or incomplete advice, general liability won’t cover it. You’ll need to buy professional liability insurance to be protected. Learn more at the best professional liability insurance companies.
- Vehicle damage: If a business-owned car or other vehicle is damaged in an accident while being used for work related purposes, your personal auto policy wouldn’t cover it. You’ll have to buy commercial auto insurance for that protection. Learn more at the best commercial auto insurance companies.
- Crime or theft: If an employee commits a crime against your business or steals from it, general liability will not make your business whole. You will have to purchase employee dishonesty insurance.
- Data theft or loss: If your business data is lost, compromised, or stolen, your business general liability coverage won’t pay for related costs. Cyber security insurance covers those losses. Learn more at the best cyber insurance companies and the best data breach insurance companies.
- Business property damage: General liability covers third party property damage, but it doesn’t cover damage to your business property, including buildings, equipment, or inventory. You’ll need commercial property coverage for this. Learn more at the best commercial property insurance companies.
Is general liability insurance required in Utah?
Unlike workers’ compensation insurance, general liability insurance isn’t required in Utah. However, some businesses may be required to buy it before they are allowed to do any kind of work on a client’s property. In the situations outlined above, insurance would likely cover the expenses related to the incidents. If the business owner didn’t have coverage, he or she would have to pay for the damages out of pocket.
Why Utah small businesses should get general liability insurance
Utah doesn’t make businesses carry general liability insurance. However, it’s a good idea for small businesses to have it.
Think about it: If a visitor slipped and fell at your business and was injured, could you afford to pay their medical bills? Would you be able to pay to repair damage to an expensive antique if it’s caused by you or an employee while working at a client’s house?
The answer for most businesses is NO for both of these questions. That’s why general liability is one of the most popular business coverages in Utah and across most of the United States, after workers’ comp, and commercial vehicle insurance.
How much does general liability insurance cost in Utah?
The price of general liability coverage can vary significantly. Small businesses in Utah usually pays from $500 to $3,000 a year for a general liability insurance policy. It’s dependent on many factors, including company industry, size of the operation, condition of business property, and the specific risks faced by the business. The cost of this coverage can range from several hundred to many thousands of dollars a year.
The best way to ensure you’re paying a fair price for your general liability coverage is to get quotes from multiple providers. That way, you can compare coverages and costs to find the best combination for you. If you have any doubts, speak with an experienced insurance agent.
How to find cheap general liability insurance in Utah
Here are some tips to help you find the coverage you need at a fair price:
- Shop around for the best value. Get quotes from a few companies or compare the multiple quotes generated by a service like CoverWallet.
- Don’t stop shopping around. Make sure you get new quotes before you renew your policy.
- Take advantage of discounts. If they’re not offered to you when getting a quote, ask about them, whether you’re buying online or through an agent.
Taking these steps will help ensure you’re not paying too much for your general liability coverage.
General liability insurance for contractors in Utah
Although general liability insurance isn’t required in Utah, most contractors, especially construction companies, are required to show general liability insurance proof before they can get and start a project. Contractors in general need general liability insurance coverage.
Depending on the type and the size of the project, contractors might need different levels of coverage for their general liability insurance policy. The common coverage is $1M/$3M, ie. maximum coverage for an occurrence is $1M and for a year is $3M.
Finding general liability insurance for contractors can be challenging especially if you are in the roofing or handyman business. Most insurance companies refuse to offer coverage for these high-risk contracting jobs. In such cases, you need to work with a business insurance broker and they will help you find the right coverage. Learn more at the best roofing insurance companies and the best handyman insurance companies.
General liability insurance for contractors is a bit more expensive than for any other industries. On average, a construction general contractor pays $2,200 a year for a general liability policy.
Small business insurance in Utah
Business insider ranks Utah the 6th in the list of the best states to start a business. Utah has a significant advantage of the 2nd most educated workforce in the country.
Small businesses in Utah enjoy a lot of advantages to build their business successfully. Take an extra step to protect their businesses from going bankrupt because of a lawsuit by having sufficient small business insurance coverages.
In additional to general liability coverage, small businesses in Utah need to have workers comp insurance and commercial auto insurance coverages. They are both required by laws in Utah. Furthermore, professional liability insurance is also needed if your business provides advice and services to your customers.
The top industries of small businesses in Utah
The top types of small businesses in Utah a in the following fields:
- Accommodation and food services
- Health care and social assistance
- Retail trade
- Professional, scientific, and technical services
- Administrative, support, and waste management
- Wholesale trade
- Other services (except public administration)
- Finance and insurance
- Educational services
- Transportation and warehousing
- Real Estate and rental and leasing
- Arts, entertainment, and recreation
- Management of companies and enterprises
- Mining, quarrying, and oil and gas extraction
- Agriculture, forestry, and fishing and hunting
Small businesses in all these industries in Utah share common risks of causing bodily injuries and property damages to their customers, especially if their operations are in some central location. Having a good general liability insurance policy in place is a good way to protect their businesses.