Phoenix Business Insurance

Your Complete Guide to Phoenix, AZ Business Insurance

(Find the best insurance products to cover your small business.)

Local Phoenix businesses play a vital role in Arizona's economy. When businesses run into problems, their business insurance policies may be able to help get them back on track. 

A well-built business insurance policy requires a great deal of research and planning. Independent insurance agents in Phoenix are ready to help you get the coverage you need at a price that works with your business plan. 

Why Do Businesses in Phoenix, Arizona Need Liability Insurance?

Business liability insurance is a crucial component of a solid business insurance package. This coverage may help with legal fees, financial damages, and court costs if someone brings legal action against your business. Even if a court rules in your favor, the costs of this type of event can be staggering. 

You'll need the right types of liability insurance to provide protection from the most common problems faced by businesses. 

Premises liability insurance: This coverage pays for costs associated with property damage due to an accident on your property, third-party injuries, and illness. 

Product liability insurance: If your products cause illness, injury, or property damage, this coverage can help pay for damages. 

Employment practices liability insurance: This coverage pays for lawsuits for covered incidents  such as breach of contract, wrongful termination, discrimiation, and harassment. 

Cyber liability insurance: If hackers get a hold of sensitive information on your computer and steal or expose your customers personal data, this coverage helps pay for damages. 

Pollution liability insurance: This coverage pays for costs associated with the clean up and repair if a covered accident leads to pollution of the air, water, or ground. 

Commercial vehicle liability insurance: You'll need special insurance if your business operates or owns vehicles. 

An independent insurance agent can help you understand your options and choose the coverages that apply to your business. 

What Insurance Products Cover Your Phoenix Business Property?

Businesses in Phoenix, AZ are vulnerable to a variety of perils, including hurricanes, severe storms, and the occasional tornado. 

Damage caused by weather or other events beyond your control may be covered by your commercial property insurance policy. This standard coverage protects your commercially owned property, including computer equipment, inventory, supplies, furnishings, and merchandise. 

In addition to this coverage, you may need specialized property insurance. 

Inland marine insurance: This coverage provides protection for portable business property while en route or in storage off site. 

Boiler & machinery insurance: Machine malfunctions can cause catastrophic damage. This coverage repairs or replaces your broken furnace or other machinery as well as business losses for covered events. 

Bailee's insurance: This coverage protects other peoples' property while it's in the care of your business. 

Flood damage: Commercial property insurance does not cover damages due to flooding. Commercial flood insurance is an important part of a complete business insurance package. Major flooding in 2014 left Phoenix-area businesses hurting after record-setting rainfall flooded Mesa and Interstate 10. 

Your Phoenix independent insurance agent can help you make sure you have the right types and amounts of business insurance coverage. If there's an accident or incident that requires repairs or attention, your insurance company can help you stay on course. 

Why Is Business Interruption Insurance a Good Idea in Phoenix, AZ?

Major disasters can damage more than your business' property and structures. Shutting down your business due to an accident or storm can cause major damage to your ability to turn a profit. Business interruption insurance provides income to help you get by until you can reopen. 

Even when the unexpected happens, you can still pay your monthly expenses and employee salaries even though you are unable to generate a profit. Talk with your agent to understand how this optional coverage could help your business weather even the worst disasters. 

Do Businesses in Phoenix Need Workers’ Compensation Insurance?

Even when you take precautions, your business is vulnerable to accidents and injuries. In Arizona, business owners must provide workers' compensation insurance for their employees. Arizona's "no fault" system provides financial protection to your employees, even if they caused the accident. Your employees may receive compensation for their financial losses, no matter the reason for the accident. 

Any employee that becomes ill or is injured in a job-related incident may get workers' compensation benefits. Your agent will walk you through your options for Arizona workers' compensation insurance and help you understand how to stay in compliance with local laws. 

Workers' compensation premiums depend on the nature of the work performed by your employees. More dangerous jobs require a higher premium amount than low-risk occupations. 

Your agent can help match you with an insurance company that specializes in protecting companies in your line of work. 

What about Insurance Products for Employee Benefits Packages?

Healthcare coverage is notoriously expensive, but it's also a highly-valued benefit that helps attract top job candidates. 

You have many different health insurance and life insurance products from which to choose, so it's crucial to have help from an experienced insurance agent. They can cover the pros and cons of each type of insurance and help you make the best decisions for your employees and your business. 

Why Work with an Independent Insurance Agent in Phoenix, AZ?

There are specific risks associated with every type of business, so it's important to work with an agent who has experience working with a variety of insurance companies. Business owners who work with independent insurance agents can fully customize their insurance packages to meet their needs. 

Your insurance agent can walk you through your options and help you get the coverage you need while staying on budget. 

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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

http://www.city-data.com

https://www.azica.gov/sites/default/files/migrated_pdf/Claims_FAQs_WorkersCompensation.pdf