What Type of Small Business Insurance Coverage Do I Need in Arizona?
Regardless of what kind of business you own, there are certain types of insurance policies that most small businesses in Arizona will or should have in place, some of which are required by law. Here are four common types of insurance policies for small businesses in Arizona:
Workers’ Compensation: According to state law, it is mandatory for businesses to carry workers’ compensation insurance to cover any employees. If one of your employees has a work-related accident, he or she is entitled to receive benefits to cover the costs of medical bills. In certain instances, temporary compensation for lost wages, the costs associated with job retraining, and the costs of supportive medical care may also be covered. In addition to providing your employees with enhanced protection, the other benefit of having workers’ compensation is that it protects your business from liability if an employee is injured on the job.
Liability Insurance: This beneficial coverage safeguards a business owner against property damage or injury claims. For example, if an employee causes damage to a customer’s personal property or if an individual suffers an injury while visiting your premises, liability insurance can cover some or all of the cost of your legal fees should a lawsuit be filed against you.
Commercial Property Insurance: It’s crucial to have commercial property insurance if you own or lease commercial property in Arizona. Commercial insurance covers the costs of repairing or replacing damage caused by fire, vandalism, theft, and loss of inventory. To determine the coverage amount you require, you should factor the amount you’d need if your entire building was destroyed. It’s also important to consider other assets that your business owns such as furniture, equipment, etc.
Businessowners Policy (BOP): Because of its enhanced convenience and often lower cost, a lot of small business owners in Arizona choose to take out a businessowners policy (BOP). This type of coverage bundles several critical insurance products together into one policy, and based on how it’s written, it can cover property damage, business interruption, and liability claims that are filed against your business.
Learn More about Business Insurance in Arizona
No matter what size your business is or what field you’re in, we know that your primary goal is to ensure your assets are secured if and when a risk arises. With our line of small business insurance products for Arizona business owners, we make it easy to find the coverage you need. Take the next step to safeguarding your business by contacting us today for more information. Or, fill out the brief form above to be connected with an AmVenture representative and receive a free insurance quote.
Facts about Small Businesses in Arizona
In the Grand Canyon State, small businesses enjoy the benefits of a stable market, a growing economy, and low incorporation fees. According to the SBA’s Small Business Profile, the state’s economy growth rate was 2.7% during the second quarter of 2016 (which was above the national growth rate of 1.2%). Reach out today to learn how we can help your small business in Arizona stay protected and successful.