Confused? Choose from 6 Types of Business Insurance Arizona

Introduction:

Business insurance is a form of risk management primarily used to confine against the risk of potential financial loss due to any catastrophic loss or theft or vandalism. There are many types of business insurance to be offered to meet the specific needs of all types of businesses. Let us have a discussion on the facilities of business insurance available in Arizona.

Business Insurance Arizona:

We shall see Arizona business insurance requirements one by one in the following paragraphs. Business insurance Arizona is made available by almost all leading insurance companies in Arizona. If you approach an Arizona business insurance company in person or through the website of the company, you can get the business insurance quotes from that company. This way, you can collect quotes from a minimum of five insurance companies to enable you to choose the best company with the right coverage at affordable prices.

If you find no time to get business insurance quotes Arizona in the midst of your busy schedules, you can approach experienced insurance agencies or brokers. These agencies or brokers usually represent many reputed insurance companies. Your collection of quotes will be made easier by them.

Now let us see the types of small business insurance Arizona required by all types of businesses.

1- General Liability Insurance:

This is the insurance type mostly wanted by almost all businesses. The coverages are as follows.

Bodily Injury:

Suppose you are running a retail store and if a customer slips on the wet floor and injures himself or herself, then as a store owner you are liable for the medical expenses of the injured visitor. But, you could be protected by general liability insurance.

Property Damage:

Suppose you are manufacturing some products and offering services. If you deploy your employees to deliver your product to a customer’s home and while performing their duties, they may damage a property owned by your customer. Now you are liable to be sued. General liability insurance will take care of such legal claims and pay for the property damages.

Data Loss:

Suppose an IT consultant is installing a network at a client’s office. While doing so, there are chances of the files getting corrupted. The client may file a lawsuit claiming the financial implications of the loss of data. This insurance type will save you by meeting these costs.

2- Professional Liability Insurance:

This is also known as “Errors and Omissions” insurance and it covers another person’s claims against businesses that provide professional and personal services. This can happen to professionals such as doctors, IT consultants, engineers, contractors, real estate businesses, lawyers and much more. Professionals may be sued for negligence of work, wrong advice and the like.

For example, a real estate broker sells your house for a lesser price than expected and the owner comes to know that the house could have been sold for a higher price at a later stage. The house owner has the right to sue the broker and this insurance will protect the real estate broker from such lawsuits.

Similarly, if a professional fails in his or her duty due to negligence and the affected customer can sue the professional for damages or losses. The professional liability insurance will protect the professional from the expenses of the lawsuits and help pay the compensation.

3- Business Owners Policy for Arizona (BOP):

Business owners policy is a package that could provide general liability and commercial property insurance in one single policy. This is the most affordable and cheap business insurance Arizona policy mostly suggested for the small business owners. The main advantage of this policy is that you can customize some of the important business insurance policies, you need, into a BOP.

Suppose expensive cameras of a photographer are stolen, the BOP of the photographer will cover the costs to replace the lost cameras to enable him or her to continue the profession without any further hurdle. Similarly, if the server or a computer of a person is damaged due to a false power supply or power surge, the cost of replacing the damaged equipment could be covered by the BOP.

4- Workers Compensation Insurance:

If an Arizona employer hires employees in his or her business, then the employer is bound to buy workers compensation insurance. This is mandatory by law. This insurance should be purchased by an employer irrespective of the number of employees and whether they are part-time or full-time employees or minors or of any category of employees. Failure to buy a workers compensation insurance by an employer of Arizona is a punishable offense.

5- Benefits of Workers Compensation:

When some of your employees are injured or became sick while on the job, it will cover the immediate medical expenses of the injured or the sickness of the affected employees.

Sometimes, the affected workers may be out of work for a short period and this insurance will pay for the lost wages of the employees. Sometimes a serious injury or sickness may require an employee to undergo surgery, long treatment and the like. The workers compensation will take care of these expenses.

If a work tragedy results in the death of an employee, then this insurance will meet the funeral expenses and some of the clauses of this insurance type may even award death benefits of the employee to the family members.

6- Small Business Health Insurance:

Small business health insurance Arizona offers many options. One can easily get a quote for small health business insurance for your small business. Many insurance companies offer many flexible choices of small business health insurance Arizona that include PPO plans, PPO upgrade options, HMO, consumer-oriented health insurance coverages, dental plans and much more. Group health insurance is offered to a group of employees, through employers. Even a retired employee can join this group’s health insurance.

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