Online Store Insurance Utah Policy Information
Online Store Insurance Utah. As an online ecommerce business, you might think you don't need to purchase insurance; however, this is possibly one of the worst mistakes you can make as a business owner. Sure, you don't have a physical store front, so this does eliminate the possibility of theft or burglary to your store. This does not however eliminate every single threat which is posed to you as a business owner.
So before you forego purchasing an online store insurance Utah policy, consider some of the benefits of having insurance as an ecommerce business owner.
Online store insurance Utah protects your e-commerce business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Online Store Insurance Business Owners Policy
A standard business owner's policy (BOP) isn't going to suffice when it comes to ecommerce businesses. Property coverage and general liability are mainly what a BOP policy cover, so with e commerce businesses you don't run the risk of someone slipping and falling in stores, or inventory being damaged by customers playing with it in stores. This doesn't mean you are immune to risks and threats to your business. So having the proper online store insurance Utah policy in place will protect you from those threats you are prone to running into as a business owner.
What Will Your Online Store Policy Cover?
When it comes to e commerce businesses, you need more comprehensive protection - and this is what your specialized online store insurance Utah policy is going to afford you. The two key areas this policy will protect are:
- Data Security - Sensitive customer information, addresses, credit card information, and other personal data, all run the risk of being hacked or stolen by identity thieves. As a business owner in the online world, a secure database is critical to online success, and to having customers trust you. The right insurer is going to make sure this is in place.
- Business Interruption - You rely on third party companies for internet, supply shipment, inventory checks, and so forth. If these third parties go down for any reason, your insurance policy will protect you in the event your e commerce business is interrupted, as a result of the third parties being interrupted. This will help you recuperate loss due to business stopping or ceasing for any period of time.
Additional Online Store Insurance Coverages
Most ecommerce businesses will require supplemental coverage for their online stores, based on items they sell or services they offer. So in choosing your insurer, you have to understand the additional online store insurance they offer. Some additional coverage options include:
- Transportation coverage if cars or delivery trucks are stolen or inventory lost during transport.
- Contents coverage if you manufacture items in a warehouse where they are damaged.
- Workers compensation in the event you still have employees working for you.
- Product liability if you make, alter, white or private lable or directly import your products.
Additionally, you can purchase directors and officers insurance, or intellectual property insurance (for intangible property like software or data). Knowing which of these additional policy coverage terms you can add to your premium, the cost of additional coverage, and to what extent you are covered as an ecommerce business, are just a few of the factors which will help you determine which insurance premium to purchase, and of course which insurance coverage provider you are going to purchase it through.
Compare To Save
If you've ever purchased any insurance policy or premium in the past, you know that you have to comparison shop if you want to save. And, you know that in comparing, you typically find higher level of coverage, from the most reputable insurance companies, when you take your time to compare coverage options, optional coverage, and the discount rates which are available to you as a customer. The same goes when you are comparing your online store insurance Utah policy and premiums.
Due to the nature of the industry and the fact that there are so many insurers, it would take countless hours or even days to compare insurers and coverage options on your own. If you don't have the time or don't want to compare quotes. This is where a good commercial broker can help you the right insurer, and sufficient coverage for your business, for the lowest price possible.
Utah Economic Data, Regulations & Limits On Commercial Insurance
If you are an entrepreneur who has your sights setting on opening up a business in the state of Utah or you are thinking about expanding your operation to the Beehive State, making sure that it offers a climate and demographic that will support your industry is vital to your overall success. If the state does not offer a positive business climate or demographics that will benefit from the products and/or services that you offer, there's a good chance your business could fail.
By assessing the employment rate as well as the key industries that are thriving in UT you will be able to determine if it is an ideal location for your enterprise. Additionally, knowing what type of commercial insurance coverage you'll need is important so you can make sure you are properly protected and set yourself up for success.
Economic Trends For Utah Business Owners
As of January, 2019, Utah has one of the strongest labor markets in the country. At this time, the unemployment rate was registered at 3.1 percent, which is lower than the national average of 3.6 percent. The unemployment rate to continue holding steady or drop even further, as more job opportunities are projected to become available.
Both large urban and small urban areas offer good opportunities for business owners. In a report that was issued at the end of 2018, six Utah cities were included on the list of top cities to start a business in the United States. These cities include:
- St George
Salt Lake City, the state's capital, and the surrounding areas also offer opportunities for business owners who are interested in starting a business in Utah.
The top industries that are poised to see the most growth in Utah over the course of the next few years include:
- Aerospace and defense
- Information technology
- Leisure and hospitality
- Petroleum production
If you are considering going into business in UT, having an operation in any of these industries will likely afford you success.
Commercial Insurance Regulations In Utah
The Utah Insurance Department regulates commercial insurance in the Beehive State. Business owners are required to invest in commercial insurance coverage, as it safeguards their interests, as well as the interest of all that are involved in the company, including employees, clients, and vendors.
Just like any other state in the country, there are specific types of commercial insurance coverage that business owners need to carry in UT. These coverages include:
- Workers Compensation Insurance: Pays for medical expenses and lost wages should an employee sustain a work-related injury or illness.
- Commercial Auto Insurance: For vehicles over a certain weight, covers any damages if a vehicle that is used for work-related purposes is involved in an accident.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Computer Fraud, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Errors and Omissions Liability, Professional Liability, Umbrella Liability, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Real Property Legal Liability, Forgery, Cyber Liability, Employment-related Practices Liability, Directors and Officers Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Online Store Insurance Utah quote in Alpine, American Fork, Bluffdale, Bountiful, Brigham City, Cedar City, Cedar Hills, Centerville, Clearfield, Clinton, Cottonwood Heights, Draper, Eagle Mountain, Enoch, Ephraim, Farmington, Farr West, Fruit Heights, Grantsville, Harrisville, Heber, Herriman, Highland, Holladay, Hooper, Hurricane, Hyde Park, Hyrum, Ivins, Kanab, Kaysville, Kearns, La Verkin, Layton, Lehi, Lindon, Logan, Maeser, Magna, Mapleton, Midvale, Midway, Millcreek, Moab, Morgan, Murray, Nephi, Nibley, North Logan, North Ogden, North Salt Lake, Ogden, Orem, Park City, Payson, Perry, Plain City, Pleasant Grove, Pleasant View, Price, Providence, Provo, Richfield, Riverdale, Riverton, Roosevelt, Roy, Salem, Salt Lake City, Sandy, Santa Clara, Santaquin, Saratoga Springs, Smithfield, Snyderville, South Jordan, South Ogden, South Salt Lake, South Weber, Spanish Fork, Springville, St. George, Stansbury Park, Summit Park, Sunset, Syracuse, Taylorsville, Tooele, Tremonton, Vernal, Vineyard, Washington, Washington Terrace, West Bountiful, West Haven, West Jordan, West Point, West Valley City, White City, Woods Cross and all other cities in AZ - The Beehive State.
Also learn about Utah small business insurance requirements for general liability, business property, commercial auto & workers compensation including UT business insurance costs. Call us (801) 704-1677.