What Do I Need to Know About Arizona Business Insurance?

This is a very interesting question because the answer is as much as you possibly can. Each business is unique and comes with its own set of must-have coverages. Since there are numerous coverages available, we will cover a few basic coverages.

General Liability Insurance

Acquiring an Arizona General Liability Insurance policy is the first step that should be taken. This type of insurance policy is designed to protect your company in the event that someone files a claim related to one of the following areas: bodily injury, property damage, personal injury and advertising injury, such as slander and libel. In addition, most policies will cover the cost of hiring an attorney, their fees, court costs, and potential settlements or a judgment against your business, including a claimant’s medical expenses, up to your policy limits where allowable by law. Please note that a claim could also include injuries or damages that happen at your place of business as well as one that is off-site that may have been caused directly or by some neglect on your part or on the part of one of your employees.

Property Insurance

Having Business Property Insurance coverage, which is designed to protect structures and the company’s property against loss due to fire, vandalism, or theft, is strongly recommended. In some policies, it may also provide the funds necessary to keep your company in business while repairs are being made after a covered loss. If you will have any tools, office equipment, computers, or inventory, property insurance coverage is a must.

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Workers’ Compensation

If you are planning on having employees, having a Worker’s Compensation Policy is a must for your company. This type of insurance coverage is designed to cover the medical costs, and, in many cases, a portion of the injured employee’s lost wages. This is a no-fault insurance coverage, and it applies regardless of who was at fault for the employee’s injury. The cost of this type of policy varies greatly depending on what scope of business you company engages in.

Additional Coverages

Each business is different and comes with its own set of insurance requirements. Additional coverages may include Employment Practices Liability, Directors & Officers Liability, Professional Liability, E&O Liability, Commercial Auto, Product Liability, and Cyber Liability Insurance, to name just a few. To ensure that your particular Arizona business has the proper coverage, please contact an experienced and professional insurance broker to discuss what coverages would be appropriate for your company.

Written By:

PJO Insurance Brokerage
By Patrick O’ Neill
4103 E. Prickly Pear Trail
Phoenix, Arizona 85050