What is Business Insurance?
Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.
Business Insurance We Offer
A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.
Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
Your commercial business means everything to you and it is important to us as well. You face many challenges every day and you want to ensure your business is adequately protected. Put the experienced team at the Arizona Insurance Agency to work for you and start your Commercial Insurance policy today.
As a business owner, you need some of the same insurance coverages for the cars, trucks, vans or other vehicles you use in your business as you do for vehicles used for personal travel.
Your Businessowners Policy (BOP) does not provide any coverage for vehicles, so you must have a separate policy.
Most states require you to purchase liability insurance for bodily injury and property damage that may result from a vehicle accident occurring while you or someone from your organization is driving on business. Many states also require you to have uninsured/underinsured motorists coverage and/or medical payments coverage (known as Personal Injury Protection (PIP) in some states). You can also purchase physical damage coverage for vehicles your business owns, leases or hires.
Good liability risk management can reduce the chances that your business will be sued, but it can never eliminate the risk entirely. You or a member of your organization can make a mistake that injures someone or damages property. Your mistake could harm the reputation or interfere with the privacy of a customer, client, competitor or member of the general public. When such injuries occur, you may be legally liable to pay damages to someone who suffers a loss due to your actions or inaction.
Depending on the degree of harm and the number of people injured and/or value of property damaged, a lawsuit could bankrupt your business. Liability insurance pays the cost of your defense and protects your assets.
A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
Employers are legally obligated to take reasonable care to assure that their workplaces are safe. Nevertheless, accidents happen. When they do, workers compensation insurance provides coverage.
Workers’ compensation insurance serves two purposes: It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working.
Workers receive benefits regardless of who was at fault in the accident. If a worker is killed while working, workers comp (as it is often abbreviated) provides death benefits for the worker’s dependents.
Why Should You Get Business Insurance for Your Small Business?
Global corporations get sued all the time. Sometimes, they’ll even just pay claims that aren’t their fault because it’s easier than fighting and they’ve got the cash to spare. Most small businesses can’t do that. And there’s where small business insurance come in. Accidents happen and, unlike a big corporation, a small business can’t just shift dollars between projects or subsidiaries. A single, large claim could stop a small business in its tracks, which makes reliable insurance for a small business critical.
On the other hand, your business doesn’t need as much coverage as a large corporation. Business insurance companies need to offer you the best small business insurance that will take care of you, at a price you can afford.
How Much is Business Insurance?
Factor 1: Number of Employees
You may not be surprised to learn that businesses with more employees face more risk. As a result, the more employees you have, the more coverage you need. But a lot of our customers are also their company’s only employee.
While the number of employees doesn’t lead directly to a higher insurance premium, it’s often the case that our customers with employees pay more for their low cost business insurance than business owners without employees.
Factor 2: Location
Your location includes everything from what kind of environment you work in, to your city, state, or county.
Do you work out of your home? Do you rent space, or use a local park/library? These affect the amount of risk you’re taking on, as well as the market for your business and the local insurance regulations that will apply to your business.
All of these considerations can impact your small business insurance cost, and will almost certainly influence the average cost of business insurance where you live.
Multiple Insurance Carriers
We work with multiple preferred carriers so you receive premium protection at the best possible price.