Business Insurance

Why Get Business Insurance in Arizona
Business liability insurance offers financial protection to every type of business in Arizona. Whether you own a small retail establishment or a large business with hundreds of employees, Arizona business insurance protects business owners from loss by covering the cost of damages and injuries due to accidents or natural disasters. As with all types of insurance, there are exceptions as to what is covered. Some of these exclusions are professional liability, claims involving discriminatory or unfair practices, and claims brought by a subcontractor. As a responsible business owner, it is important that you remain well-informed as to what Arizona liability coverage does and does not pay for in the event of a claim. By doing this, you can further protect yourself and your assets by purchasing additional types of coverage and adding them to your liability policy.

Worker’s Compensation in Arizona
If you own a business in Arizona and have employees working within the state, you are required to provide worker’s compensation insurance for them. This worker’s compensation insurance may be provided through any one of the following options:

  1. competitive state fund
  2. private insurance provider
  3. employers may self-insure

Waivers are sometimes allowed. The cost of a business liability insurance premium can be influenced by the number of employees a business has and their wages.

Arizona Business Liability Insurance
There are a few important things that should be considered when putting together a business liability insurance policy. First, worker’s compensation is required for all employees. Unfortunately, no one knows when an accident might occur. Even if your business adheres to the strictest safety standards, accidents do happen. Whenever an accident does happen, the normal response is for the injured party to file a claim against your business. Adequate liability insurance means that the expenses that result from an accident such as medical bills, lost wages, and even legal and court costs will all be covered by your policy.

In today’s tough economic climate, many small business owners make the decision not to purchase business liability insurance because of their companies’ low profit margins. Many also see it as way to save money. But business owners who make this decision are taking an enormous risk. If there is an accident and your business does not have proper insurance coverage, you can be sued for damages and forced to come up with the money personally. The court can order the funds to be taken from the business itself or from your private assets. Don’t risk losing your hard-earned business by not having adequate financial protection. A comprehensive business liability insurance policy is well worth the cost!

Using a private insurance carrier can be advantageous because it is easy to compare options and costs online. This allows business owners to quickly and securely find the best low-cost business insurance in Arizona. Ask about the different types of coverage offered to business owners and see if you qualify for any discounts. Be certain that you and your assets are fully protected in the event of a claim.