FROM OUR PARTNERS
Just like with any other type of insurance you need, it’s important to ensure that you have business insurance. If your business is damaged or destroyed by an unforeseen event, then this will help provide the funds necessary for rebuilding and reorganizing. With many different types of insurance out there, it can be difficult to find the right one. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.Â
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Arizona has some very specific insurance requirements for businesses in the state.
Businesses in Arizona must carry workers’ compensation insurance if they have even one employee — including an owner or officer.
In addition to workers’ compensation insurance, any business offering services or products to customers should consider liability coverage. Liability insurance covers lawsuits and claims related to your business operations.
You may also need additional insurance coverage, such as commercial auto coverage or property coverage, depending on the type of business you run.
Here are some common types of business insurance policies in Arizona:
General liability insurance pays for claims involving personal injury or property damage to a third party. It’s often required by vendors or other businesses with which you work.
There are many types of business risks that are not covered under a general liability business insurance policy.
Below are some of the exclusions:
Often called “errors and omissions” coverage, professional liability insurance covers claims alleging negligence, misrepresentation, breach of warranty, and other allegations your company did not meet its obligations to others. Insurance companies often require you to have this type of coverage if they provide general liability insurance.
Here are some of the common exclusions in this type of business insurance policy:
Workers’ comp is required in most states for businesses with employees. It pays medical expenses and disability benefits for employees injured on the job or who contract an occupational disease (such as carpal tunnel syndrome). Workers’ comp also reimburses employers for legal costs associated with employee injury claims such as hiring lawyers to defend against the claim and paying judgments awarded to the employee in court.
A workers compensation policy covers only certain injuries that occur in the course of employment.
It excludes injuries that are:
If you own a building or other physical assets that are vital to your business operations, commercial property insurance will help protect them.
These are some of the things that aren’t covered by commercial property business insurance:
The product liability coverage is usually offered in a business owner’s policy. It protects the small business from claims of property damage or bodily injury that arose from the use of the products that you sell. If a consumer buys a product from your company and suffers an injury because of it, your company could be held liable for that injury. Luckily, with product liability coverage, you can protect your business from such claims. Product liability claims have skyrocketed in recent years, so it’s important to have this kind of coverage if your company makes products available for sale in Arizona.
The following items are excluded from coverage under the product liability insurance policy:
There are many factors that affect how much you pay for business insurance, including:
Some industries are inherently more dangerous than others. If your business is at higher risk for accidents, fires or theft, you’ll likely pay more to insure it.
If you’ve filed a lot of claims with your insurer in the past, your premiums may go up as a result. However, if you haven’t filed any claims, your premiums may be lower thanks to something called loss credits.
If replacing your business’s property would be very expensive (for example, if your company has $10 million worth of equipment), then it will cost more to insure it.
Companies located in areas prone to crime or natural disasters often pay higher premiums (or aren’t eligible for coverage at all).
Here is a guide to help you get started on choosing the best business insurance for your company: