Based on MoneyGeek’s evaluation of affordability, customer satisfaction, financial stability and the online quoting process among various insurers, Nationwide emerged as Utah's top option, boasting an exceptional MoneyGeek score of 90 out of 100. The average monthly cost of general liability from this insurer is $35 for sole proprietors and $36 for limited liability companies (LLCs) with 20 employees.
Meanwhile, with policies averaging $25 per month for sole proprietors and $26 per month for 20-employee LLCs, Next was named the most affordable option in the state.
Best Overall General Liability Insurance in Utah
Following a thorough evaluation, we determined that Nationwide is the best general liability insurance provider in Utah, earning an overall MoneyGeek score of 90 out of 100.
The table below illustrates the costs and MoneyGeek scores for various companies we assessed within the state. This provides you with a clear perspective on Nationwide's performance when compared to its rivals.
Budget-friendly for LLCs
High financial reliability
Low complaint rates
Least affordable option for sole proprietors
Subpar web-based quote generator
Nationwide is known for its high financial reliability, which might give customers some confidence in their choice. The low complaint ratio may also indicate that the number of complaints filed against the company is minimal. This may speak to the quality of service one can expect.
While Nationwide is the most affordable option for LLCs, it may not be the most cost-effective option for sole proprietors. Furthermore, the web-based quote generator provided by Nationwide is slow.
Cheapest General Liability Insurance in Utah
Our unique scoring system for this section, attributing equal weight (50%) to both sole proprietors and LLCs in the evaluation, established Next as the frontrunner for affordable general liability insurance in Utah. Next charges sole proprietors and LLCs $25 and $26 per month, respectively.
While Next is ranked number one for overall affordability, there might be other companies offering more tailored and competitive pricing specifically for each business type.
Most cost-effective choice for LLCs
Fairly fast online quote generation
Average pricing for sole proprietors
Less financially stable
As the most affordable general liability insurance provider in Utah, Next offers a cost-effective choice for LLCs alongside a speedy online quote generation system. The latter feature allows potential clients to quickly and easily obtain a quote, making it a convenient and hassle-free option for those seeking insurance.
Next’s pricing for sole proprietors is average, and the company's financial footing is somewhat shaky. While this may not immediately affect clients, it could potentially lead to issues with the company's ability to pay out claims or honor their commitments in the long run.
Best General Liability Insurance for Employers in Utah
Nationwide is the leading general liability insurance provider for employers in Utah, boasting a MoneyGeek score of 95 out of 100. With an average charge of $36 per month for LLCs, this rank is based on the average monthly premiums for general liability insurance for companies with 20 employees.
Your organization's employee count can influence the cost of general liability insurance. Businesses with under 20 employees can anticipate paying less, while more substantial enterprises should prepare for increased premiums.
Competitive pricing for LLCs
Financially stable
Minimal customer complaints
Slow online quote process
By offering competitive pricing for LLCs, Nationwide is the top option for general liability insurance for employers in Utah. It is financially stable, which may indicate that your needs will likely be met. The company also has a favorable reputation, consistently receiving positive feedback from satisfied customers.
One caveat is the longer processing time for online quotes, which could be an inconvenience for those seeking quick responses and comparisons.
Best General Liability Insurance for Sole Proprietors in Utah
With a MoneyGeek score of 95 out of 100, Thimble is the top option for sole proprietors. On average, policyholders can anticipate a monthly cost of $22.
These ratings and associated monthly costs are specifically for sole proprietors without any employees. Expenses might be higher for risk-prone industries, such as construction, due to the increased likelihood of accidents and liabilities associated with these types of businesses.
Most affordable for sole proprietors
Strong financial standing
Efficient online quote process
Low customer satisfaction ratings
Thimble offers the most affordable general liability insurance for Utah’s sole proprietors. This means that you can secure the necessary protection for your business at a low cost. Thimble has a strong financial standing, which indicates its ability to pay out claims when needed. Additionally, the convenience provided by its efficient online quote process can be a game-changer for business owners who want to spend less time dealing with administrative tasks and more time focusing on growing their ventures. It does, however, have higher complaint rates from customers.
Do You Need General Liability Insurance in Utah?
While Utah law does not require general liability coverage, it remains a prudent choice for business owners since it safeguards their businesses from potential financial setbacks arising from property damage, bodily injuries and other accidents occurring on-site or due to business activities. Furthermore, certain industries might require general liability coverage to secure business licenses or win contracts, making it an essential investment for such businesses.
Workers' compensation insurance is mandatory for all businesses in Utah, regardless of size. This type of business insurance provides financial protection to employees who are injured or fall ill while performing their job duties. It covers medical expenses, lost wages, rehabilitation costs and other related expenses, thus helping employees recover from their injuries without the added financial burden.
Commercial auto insurance is required for all vehicles used for business purposes in Utah, with minimum coverage requirements of $25,000 per person and $65,000 per accident for bodily injury and $15,000 for property damage.
How Much Is General Liability Insurance in Utah?
In Utah, the price of a general liability insurance policy that comes with a $2 million aggregate limit, a $1 million occurrence limit and no deductible costs around $28 per month for sole proprietors and around $50 for LLCs.
The aggregate limit serves as the cap on the total amount an insurer will disburse for claims during the policy's duration. The occurrence limit denotes the maximum coverage provided by the insurer for an individual claim. The deductible is the amount business owners must cover before their insurance steps in to handle a claim.
Factors That Impact General Liability Insurance Costs in Utah
The cost of general liability insurance varies for each business based on certain factors, including the following.
Frequently Asked Questions About General Liability Insurance in Utah
Navigating general liability insurance in Utah might raise some questions for businesses seeking coverage. To address these concerns, we've compiled a list of frequently asked questions along with their answers.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.
sources
- Utah Division of Multicultural Affairs. "Homepage." Accessed May 11, 2023.