Arizona is one of the fastest growing states in the nation. With a median resident age of 35.9, AZ boasts a workforce full of healthy, hard-working individuals.
If you own a business in Arizona, you've gotten in when the getting's good. Whether it's a construction company or a cafe, Arizona is a great place to own a business. One of the important aspects of owning a business is having insurance in place to cover and protect your business from common risks and perils and to ensure its continued success.
Arizona Business Facts
- Arizona is ranked as the #1 state for job growth.
- Arizona is the 2nd lowest state for unemployment insurance rates.
- In the U.S., the average of per-capita income that goes toward taxes is 9.9 percent. In Arizona, however, that number is only 8.4 percent.
Arizona has an active community of numerous professionals. In fact, it's rated #2 in the nation for workforce quality and availability. This makes finding exceptional employees simpler than in the majority of states.
With such a perfect landscape for business creation and growth, industries like mining, manufacturing, and tourism are always growing. There is one common factor in all of these industries: risk. We live in a litigious society, and no matter how safe your business is, you still face risk. One of the most important ways to protect your business from litigation and liability is by purchasing business insurance.
What is Business Insurance?
Business insurance is a set of policies specifically designed to protect your business from some of the most common risks it faces. A typical business insurance policy in AZ may include the following:
- General liability insurance: This is the most typical type of coverage, which can help protect your business from liability claims and legal fees related to lawsuits such as personal injury and property damage.
- Professional liability insurance: This coverage includes protection designed to defend you from malpractice and negligence claims.
- Product liability insurance: This insurance protects businesses that manufacture goodss. It protects you from cases related to defective goods, and can also help cover legal fees.
- Property insurance: If you own or rent office space for your business, you need to protect the building you do business in. This coverage will help cover damage from incidents related to weather, fire, and theft.
- Continuation of income insurance: Unfortunately, accidents and disasters happen. If one of these incidents renders your business unable to continue until repairs are completed, continuation of income insurance can help you cover your bills and expenses until repairs are finished.
- Cyber liability: This insurance is designed to protect business owners who have an online presence or store information online. In the event of an outage, hacking, or other online mishap, this insurance can work to get your data back, hire a PR firm to help control the situation, or even help you with court costs.
How Much Is a Business Insurance Quote in Arizona?
Every business is different, and business insurance policies reflect that. There's no set price for business insurance. Since your insurance needs will differ from other businesses in your area, you'll need to provide some basic facts about your business in order to get a quote. When shopping for business insurance, be sure to be familiar with the following:
- Your business location
- Business size
- Number of employees
- Type of business
- Number of locations
- Scope of work
- Products and services
- Equipment owned/leased/rented
- If you employ drivers, driving records will be needed for each employee
- Any specific risks in your business practices
- Your credit score
- Desired coverages
- Desired deductibles
All of these factors will be considered when giving you a business insurance quote in order to tailor the policy to your needs and risks.
What About Business Umbrella Insurance?
An umbrella insurance policy is a policy designed to extend your liability coverage, along with helping cover events that may not be covered by other policies. For example, if you have a $1 million liability policy, and you purchase a $3 million umrella insurance policy, your total liability coverage is $4 million. This umbrella coverage can extend to your business, business vehicles, and other policies.
Additionally, umbrella insurance also covers events such as false arrest, libel, cyber liability, and more. Umbrella insurance is a wise investment for businesses, no matter the type.
Are Discounts Available on Business Insurance?
There are many discounts available for business insurance policies in Arizona. Below are just a few of the discounts you may be eligible for:
- Multi-policy discount
- New customer discount
- Industry affiliation discount
- Safety training discount
- Security system discount
- Specialized training discount
- Good driver discount
- Accident-free discount
- Claim-free discount
These are just a few of the discounts available to business owners. When shopping for business insurance, be sure to ask about any available discounts you may not be aware of.
How Do I Get Business Insurance in Arizona?
Business insurance may seem confusing at first, but with a professional by your side, you'll get a policy that's perfectly suited to protect your business. Trusted Choice® member agents write more business insurance policies than any other brand, and our agents are always available to help you answer questions, suggest coverages, or even help you file a claim.
They have years of experience working with Arizona insurance providers, enabling them to find you a number of quotes from a variety of companies. Contact a Trusted Choice agent near you today to find the most comprehensive business insurance quotes at the best rates