Commercial Insurance in Arizona
When business owners ask The Insurance House agents about a commercial insurance policy, we have a question for them as well: What type of policy? Yes, the list is long;
- Employment practices liability
- Commercial auto insurance
- Professional liability
- Workers' compensation
- Commercial general liability
- Commercial property insurance
- Cyber liability
- Errors and Omissions (E&O)
Workers Compensation
Other than sole proprietors who hire no employees at all, Arizona businesses must carry Workers Comp for every employee, whether part-time, full-time, hourly or salaried, documented or undocumented — even family members. This no-fault insurance covers all work-related injuries no matter who caused it. In some cases of job-related injuries or illnesses, the worker is entitled to medical benefits and temporary compensation. In some cases, they may also receive job retraining.
Commercial Auto Insurance
Tucson, AZ businesses, like those all over the state, are required to insure all vehicles they use to carry out business, whether they use one van to make deliveries or employ a fleet of trucks. A commercial auto insurance policy covers the business in the event of a third party injury or property damage. Some proprietors add collision and comprehensive to cover physical damages sustained in non-collisions as well as accidents. Companies, where employees use their own personal vehicles to make deliveries or perform services, may also need to be covered.
Other Commercial Policies Worth Considering
Commercial General Liability can be invaluable should a business find itself being sued for a third-party injury, property damage, personal injury, or perceived advertising injuries. Depending on the limits of the policy, it can go a long way in taking care of legal fees and medical expenses.
Commercial Umbrella Insurance helps absorb any legal damages that exceed the limits of a commercial general liability policy. Such policies usually come in valuations in the millions and can make the difference between a company staying in business after a finding against them or closing its doors forever.
Commercial Property Insurance covers a business's physical assets against damage or loss caused by fire, smoke, vandalism, theft, or storm-related damages. If the company owns the building it covers the physical structure as well, but even if it leases space, commercial property insurance may cover signage, fixtures, furniture, and inventory.
Surety Bonds
While they are not insurance policies to protect your business, surety bonds provide insurance for your customers or clients that you will complete a transaction as agreed to. The four main types of surety bonds are
- Contract surety bonds for contractors and subcontractors
- Fidelity surety bonds for those handling large amounts of money
- Construction surety bonds for licensed professionals
- Court surety bonds for plaintiffs in lawsuits
Let The Insurance House Review Your Needs
Whether your business is brand new, and still in the planning stage or has been in Tucson, AZ for generations, your knowledgeable agents at The Insurance House will be glad to review your existing policy or evaluate how much insurance your fledgling business will need. Give us a call today. We'll be waiting for you.
