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Best Business Insurance in Arizona of 2024

Bryan Keith

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. 

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

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.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

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.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in Arizona?

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.

What are the types of business insurance in Arizona?

Here are some common types of business insurance policies in Arizona:

General liability

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:

  • Intentional damage or injury.
  • Injury due to liquor.
  • Certain types of pollution.
  • Professional Liability Exclusions

Professional liability

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:

  • Any claim that results from dishonesty, fraud or error or omission in the performance of a service.
  • Any claim arising out of a breach by you of any term of your contract with your client.
  • Claims arising out of the infringement of copyright, patent or trademark.
  • Any claims relating to the transmission of a computer virus.
  • Any claims relating to bodily injury, property damage or personal and advertising injury.

Workers’ compensation

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:

  • Self-inflicted.
  • Due to horseplay.
  • Voluntary participation in hazardous activity outside the scope of employment.
  • Caused by an employee’s intoxication by drugs or alcohol, or use of illegal substances.

Commercial property insurance

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:

  • Property in transit
  • Off-premises theft of property
  • Credit card fraud
  • Employee dishonesty

Product liability coverage

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:

  • Warranty obligations
  • Recall costs
  • Damages from bodily injury or property damage caused by faulty or defective workmanship

How much does business insurance cost in Arizona?

There are many factors that affect how much you pay for business insurance, including:

The type of industry you’re in. 

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.

Your claims history. 

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.

The cost to replace your property. 

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.

Your location and demographics. 

Companies located in areas prone to crime or natural disasters often pay higher premiums (or aren’t eligible for coverage at all). 

How to choose the best business insurance in Arizona

Here is a guide to help you get started on choosing the best business insurance for your company:

  • Assess your needs. The first step in finding the right insurance policy is evaluating exactly what you need it to cover. Business owners should take inventory of their physical equipment and property, their employees and the liability risk of their industry.
  • It’s also important to consider your budget. It’s a good idea to talk with an insurance agent about what coverage is necessary for your business as well as how much extra coverage can be added based on your budget.
  • Research carriers. Once you know what type of coverage you are looking for, it’s time to do some research into potential insurance carriers. One useful tool is an independent insurance agent who has access to multiple carriers and can help you choose the right one based on your needs and budget.