Business Insurance Arizona protects your company against costly damages and legal claims. It also helps pay for lost income.

Some policies can combine property, liability and business income coverage in a single policy. It’s important to consider the specific risks of your business when deciding what types of coverage you need.

Many states require business owners to have property and auto insurance. In addition, some businesses have specific requirements based on their industry, such as workers’ compensation, unemployment and disability insurance. In general, business insurance helps pay for losses resulting from damage to or theft of company assets. It can also help protect companies from lawsuits and lost income. The exact types of coverage required vary by state and industry, but most business owners obtain a commercial property policy, a commercial auto policy and general liability insurance.

A commercial property policy generally covers your business’s physical assets, such as the building it’s in and its contents. It can include coverage for things like fire, burst pipes, snowstorms and vandalism. Earthquakes and floods are typically excluded, however, so you may want to talk to a specialist about adding a rider for these perils. It’s also important to consider whether your business has ‘floating’ assets that travel between work sites, such as equipment owned by freelance contractors or a wedding photographer’s camera gear. For these, you may need a special policy called a non-owned and hired auto (NOAHA) policy, which adds liability protection when those items are used on company business.

Liability insurance is the standard coverage most companies start with. It can help pay for legal costs and expenses when a customer or employee files a claim against the business. For example, if an employee is hurt while working at a client’s location or the company property is damaged in an accident, legal costs can quickly add up. For smaller businesses, a general liability policy can also help cover medical expenses for any injured parties.

Some companies choose to combine their property and liability policies into one, commonly known as a Business Owner’s Policy (BOP). This makes it easier for the business to manage its risks and can save money. It’s important for a business owner to understand the full scope of coverage and potential liabilities, so talking to a professional is a good idea.

Liability Insurance

Few things are as risky as starting and running a business. From the smallest sole proprietorship to the largest corporation, every business faces financial disaster from accidents, property damage, and lawsuits. That’s why it is essential for businesses of any size to have appropriate business insurance coverage. There are many types of business insurance available, such as property and liability coverage. A basic policy may help protect your business from common risks, while other policies may cover more specialized or unique risks.

For example, if a customer slips and falls in your store, general liability insurance may pay for their medical expenses. Or if your employee is injured while working on a client’s site, workers’ compensation insurance may cover the costs of lost wages and rehabilitation expenses. Liability policies may also provide protection against claims made by customers or clients for faulty products or services, as well as for any legal fees associated with defending such a claim.

It’s important to periodically review your business insurance needs, as operations and exposures change over time. For example, if you open a location in another state, you may need to add workers’ comp and commercial auto coverage. Additionally, if you have added employees or purchased new equipment, it’s likely that your policy needs to be updated. As your business grows, you should also consider specialized coverages that may be available to address specific risks in your industry, such as professional indemnity insurance or crime insurance.

If you have any questions or concerns about your business insurance coverage, it’s best to talk with a licensed professional. They can help you determine the right coverage for your company and review any existing or new policies. They can also provide assistance with claims or audits, and they may be able to recommend additional coverages that you might not have considered. In addition, they can help you combine policies to get better rates or even discounts on multiple policies. This can save you time and money as you navigate the often complex world of business insurance. So, contact a licensed agent today and start saving on your business’s essential protection.

Business Auto Insurance

While you and your employees are out on the road working, business auto insurance, also known as commercial car insurance, protects your vehicles and drivers. It provides liability protection for the cars your company owns or leases as well as those that are rented or borrowed. A typical business auto policy includes liability coverage for bodily injury and property damage caused by an accident, as well as collision and comprehensive vehicle physical damage coverage. It can be tailored to include additional options such as hired and non-owned auto coverage, which provides protection when your employees use personal cars or trucks for business and/or when the vehicles are in the care of others.

The business auto policy also covers towing and roadside assistance, which is important in case of an unforeseen event. It can help pay to have your car towed or repaired after being damaged by an accident, theft, or vandalism. It can also cover rental car costs if your business is unable to operate for a period of time after an accident.

Some states require commercial auto insurance, especially for those who own or lease fleets of vehicles. However, even if your state doesn’t require it, you should consider purchasing it anyway. After all, you never know when an employee might get into a car accident while running errands for the business.

Your standard business auto policy will typically provide liability coverage up to $1 million with a $500,000 minimum. You can usually add higher limits as needed. It’s also common to include a rider that excludes punitive damages, as these are often awarded in cases of gross negligence such as drunk driving.

In addition, if you or your employees own personal cars and use them for work-related reasons, you may want to consider adding an endorsement to your business auto policy that provides hired and non-owned automobile coverage. This type of coverage provides a layer of protection if an employee’s personal vehicle is used for business-related reasons and the company is held liable in a lawsuit. You can purchase this kind of endorsement for one or all vehicles listed on the policy’s declaration page.

Non-Owned Auto Insurance

If your business hires or rents vehicles, or if employees use their own personal vehicles for work-related reasons, you may need non-owned auto insurance. This type of liability coverage adds on to your business auto policy and helps cover the costs associated with an accident involving a vehicle not owned by the company. It may also help pay for legal fees and judgments awarded against the business if an employee is found responsible for a car accident while performing job-related duties. Non-owned auto insurance can be purchased as a standalone policy or added to the general liability section of a business owner’s policy.

For example, if Jenny owns a bakery and wants to treat her employees to lunch, she asks one of her assistants to drive to the local deli on her behalf. While on the way, her assistant gets into a fender bender with another driver in her own personal car. If she doesn’t have hired and non-owned auto coverage, the other driver could sue her for medical costs and property damage. With this insurance, however, her business would be protected as it is considered an insured under her business auto policy.

To qualify for this type of coverage, you must meet your insurer’s underwriting requirements, which may include a sizeable deductible and prior claims history. Small businesses that regularly rent or use leased and borrowed vehicles, or that rely on their employees to run errands during peak work periods, are good candidates for this type of protection.

In order to file a claim, your business must submit the name and address of the owner of the vehicle, as well as proof that the driver has valid auto insurance in place. In addition, this type of coverage doesn’t typically include collision or comprehensive coverage, so if an employee causes physical damage to the vehicle they are driving, that must be paid for through the individual’s personal auto insurance or a separate policy.

As a small business owner, it is important to protect your business against the risks of property damage and bodily injury that can occur when running errands for work. With a combination of these business insurance policies, you can better prepare your company for the unexpected.