Arizona Business Insurance Plans

When looking for business insurance it can become confusing very fast. There are a wide range of policies that cover different aspects of the operation of a business and you need to get the insurance that applies directly to your firm. In general, a business needs to have some form of liability insurance. This applies to a business regardless of whether it is a sole proprietorship or a corporation. Although a corporation will protect the assets of the owners, it will not protect the assets of the business. One lawsuit can put a company out of business quickly.

Your search for the right insurance should start with Phoenix Arizona commercial general liability insurance. Every business that has employees or customers that visit the property of the company needs to have this type of insurance. Basically it protects your company from losing money in the event of a lawsuit due to the actions of an employee or an accident from a bodily injury to a person on your property. The classic example of someone slipping on a banana peel comes to mind.

Some lawsuits are legitimate but there are others suits that can be frivolous. Because it is your insurance company that will have to pay out the claim, they will be in your corner if a lawsuit takes place. A sole proprietor is not only protecting his company’s assets with a commercial general liability insurance policy, but also all of his personal assets as well.

Another form of insurance that certain companies may need is called bonding insurance. Often it is shortened and just called bonding. This type of business insurance is needed to protect against accidental damage done to a client’s property or more commonly, theft. A common need for Phoenix bonding insurance is when a company sends employees after closing time to perform a service such as cleaning a building. Janitorial service employees will need to be bonded to protect a company from being sued for damage to the client’s property or loss of assets because of theft.