Business Insurance in Gilbert, AZ

Experts break down commercial insurance costs, coverages, companies, and more for business owners in Gilbert, AZ.

Business Owner Working At Cafe. Find Gilbert, Arizona business insurance.

Gilbert is home to more than 18,000 businesses, and many of these are small, privately owned companies. If you are among the many business owners in this Arizona city, a good business insurance policy can help your company stay profitable in times of trouble.

Local independent agents can help you identify your company’s various exposures and recommend the best and most affordable commercial insurance products to cover against them. Set up a one-on-one consultation with an independent insurance agent near you to get started.

Is Business Insurance Required in Gilbert, AZ?

For many small businesses, business insurance is not required. However, there may be times when you need to carry some types of business coverage. For instance:

Business insurance may be optional, but it is a good investment for many businesses. This coverage can protect your company if a liability lawsuit, natural disaster, property crime, or forced closure impacts its bottom line.

How Much Does Business Insurance Cost in Gilbert, AZ?

The cost of business insurance can vary significantly from one company to the next because insurance companies base their premiums on several factors like:

  • The type of business you own and the industry in which it operates
  • Your company’s expected annual revenues
  • The value of your company-owned property and other assets
  • The number of workers you employ
  • The types of coverage you want to include in your business insurance policy package

Because every insurance company has a unique way of assessing risk and calculating rates, every company you contact for a customized business insurance quote will likely offer you coverage at a different price.

Comparison shopping helps you find the insurance company that offers the coverage your business needs at the most competitive price. Independent insurance agents can save you time and money by doing the comparison shopping for you.

What Does Business Insurance Cover in Gilbert, AZ?

Many small businesses can get all the coverage they need by purchasing a business owners policy (BOP), a simplified form of business insurance. Whether you are buying a BOP or a traditional business insurance policy, you can expect to receive three types of coverage:

  • Coverage against potential liability lawsuits
  • Coverage against property loss or damage
  • Coverage against loss of income due to specific forced closures

You can build a customized business insurance policy package by supplementing your basic coverage with any additional commercial insurance policies relevant to your business.

What Does Small-Business Liability Insurance Cover in Gilbert, AZ?

While liability lawsuits against large companies are likely to make the news, you should be aware that small businesses can also be subject to expensive liability lawsuits. If your company is sued, having proper liability coverage can shield it against significant financial losses and potential bankruptcy.

Business liability insurance can cover legal defense fees, court costs, mediation, settlements, judgments, and other miscellaneous expenses if your company faces a liability lawsuit.

All business insurance policies include general liability insurance. General liability insurance is designed to cover some of the most common liability risks businesses face. It includes:

  • Premises liability insurance: This covers third-party injuries and property damage caused by accidents at your place of business.
  • Product liability insurance: This covers injuries, illnesses, and property damage caused by products your company sells or produces.
  • Media liability insurance: This covers against accusations of copyright infringement, deceptive pricing, false advertising, and other marketing errors.

General liability insurance alone is not always enough to cover businesses against all their liability exposures. Depending on what your company does, you may need to supplement your general liability coverage with other policies to fully it.

Some commonly purchased commercial liability products include:

  • Employment practices liability insurance (EPLI): This covers your business against accusations of illegal employment practices like harassment, discrimination, and wrongful termination.
  • Errors and omissions insurance (E&O): This covers your business and the professionals who work for you against accusations of negligence, inadequate work, and other professional errors that may have caused your clients to experience financial losses or other harm.
  • Cyber liability insurance: This covers your company’s financial obligations to affected individuals if criminals hack into your company’s computer network and access their personal, financial, or other data.
  • Workers’ compensation insurance: Though not actually a liability insurance product, this protects your company from potential liability lawsuits by covering your employees’ medical treatments and lost wages if they are injured. It is required for most employers in this state.

These are just a few of your business's many commercial liability products. An independent agent can help you be sure that you have the right policies to cover all of your company’s liability exposures.


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What Kinds of Property Coverage Does Business Insurance Offer in Gilbert, AZ?

Every business insurance policy includes commercial property insurance. It is designed to cover repair or replacement costs if your company-owned property is damaged or destroyed by a covered event like:

  • Fires and explosions: This includes damage caused by accidental fires and wildfires. It also covers damage caused by smoke and firefighting efforts.
  • Property crimes: This includes crimes like shoplifting, robberies, and vandalism.
  • Severe weather: This includes hazards like thunderstorms, windstorms, and monsoons (but not the flooding that can accompany these storms).

Commercial property insurance does have some limitations, so you may want to supplement it with additional policies such as:

  • Inland marine insurance: Commercial property insurance does not cover property when it is not on your business premises. Inland marine insurance will cover it in transit over land or in another location like a job site or a warehouse.
  • Flood insurance: Heavy rains can quickly saturate the ground and overwhelm drainage systems during monsoon season, but commercial property insurance does not cover flood damage. To protect your business against this risk, you can purchase a commercial flood insurance policy.
  • Earthquake insurance: Businesses in Gilbert have a moderate risk of sustaining damage due to seismic events, but commercial property insurance does not cover earthquakes. Fortunately, you have the option of purchasing earthquake insurance to cover your business and valuable property.

Independent insurance agents live and work in your community, so they understand the risks you face as a business owner in Gilbert. They can help to ensure that your business is suitably covered against all potential hazards.

How Can Business Interruption Insurance Protect Companies in Gilbert, AZ?

When disasters strike, property damage isn’t the only expensive risk your company may face. If resultant damage to your business is severe, you may have to halt operations for several days or weeks while repairs are made.

Business interruption insurance is designed to protect your company against this risk. It can provide your business with a continuation of income if it needs to shut down because of damage caused by a covered event.

This insurance can provide your company with sufficient funds to continue paying regular expenses like salaries, taxes, bills, loan payments, and rent until you can reopen for business.

What about Insurance Products for Employee Benefits Packages?

One of the many ways you can make your business more attractive to the area’s best workers is by offering competitive benefits.

If you are thinking about putting an employee benefits package together, an independent insurance agent can help you find suitable:

Your agent can help you be sure that local hospitals like Banner Gateway Medical Center and Mercy Gilbert Medical Center accept whichever health insurance plan you choose for your employees.

What Are the Best Business Insurance Companies in Gilbert, AZ?

The best business insurance companies in Arizona are the ones that have a consistent record of offering their policyholders exceptional customer service, reliable coverage, and competitive rates.

Independent insurance agents in Gilbert have teamed up with some of the area’s top insurance providers. This means you can expect that any business insurance policies your agent recommends to you are offered by trustworthy companies.

How Can an Independent Agent in Gilbert, AZ Help Me Find the Best Business Insurance Policy?

Independent agents can do a complete risk assessment of your business to identify all potential risks and can then recommend the right business insurance products to cover against each of them.

If you would like an independent agent to shop around for the best and most affordable policies to meet all of your company’s needs, set up an obligation-free meeting with an independent insurance agent near you. You can be comparing customized business insurance quotes in no time.

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