As a business owner in Arizona, you can protect your company against large financial losses by purchasing sufficient business insurance. One of the most important types of coverage you can expect your business policy to provide is premises liability insurance.
Independent insurance agents in Arizona are standing by to help you find the best and most affordable premises liability insurance coverage. Find an insurance agent near you to learn more.
What Is Premises Liability Insurance?
Premises liability insurance is part of your business’s commercial general liability coverage. It is designed to cover losses related to third-party injuries, illnesses, or property damage that occur on your business property due to accidents for which your company can be held responsible.
Here are examples of times that your company may need to use its premises liability insurance.
- A customer in your store is severely injured when an escalator stops suddenly and unexpectedly.
- An outdoor sign outside of your business blows over in a windstorm and lands on a vehicle parked in your lot.
- You fail to act quickly when you are alerted to a scorpion infestation in your office space and a client who is visiting for a consultation goes into anaphylactic shock after being stung.
These are just a few examples of problems that may arise at your place of business where you will be glad to have coverage.
Are There Any Premises Liability Laws in Arizona?
Arizona state law states that property owners have an obligation to ensure the safety of all those who are visiting their homes or businesses.
If this duty is neglected, they can be held liable for any accident that occurs. This is where premises liability insurance can step in to cover the associated costs.
Is Premises Liability Insurance Required in Arizona?
Premises liability insurance not required by law, but there are times that you may need to carry it.
- If you rent your business space, your landlord may require you to carry this coverage as a term of your lease.
- If you are taking out a commercial mortgage or a business loan, your lender may require you to carry general liability insurance (which includes premises liability coverage) until your loan is paid in full.
Whether or not this coverage is required, it has the potential to save your business lots of money if an accident occurs on your business property.
How Much Does Premises Liability Insurance Cost?
Your cost for premises liability will be factored into your company’s overall general liability costs. Premiums can vary significantly from one company to the next.
Factors that can influence your cost for coverage
- The type of businesses you are insuring
- How much third-party traffic your business sees
- Where your business is located
- Whether your business includes stairs, elevators, escalators, or other features that can lead to injuries
- Your company’s claims history
A local independent insurance agent can help you compare rates for coverage from a few competing insurers so that you can be sure that you are not overpaying for your premises liability coverage.
What Does Premises Liability Insurance Cover?
If an accident occurs on your business property and a third-party such as a customer or delivery person is injured, sickened, or experiences property damage, your premises liability insurance can cover the following.
- Court costs and administrative fees
- Legal defense fees
- Settlement costs
- Court-ordered judgments
Talk to a local independent agent to learn more about how your premises liability insurance can protect your business finances.
What Does Premises Liability Insurance Not Cover?
Premises liability insurance is useful, but it does not cover everything. For instance, your policy will not cover the following.
- Injuries sustained by your employees: If your employees are injured while on the clock, their injuries will need to be covered by workers' compensation insurance.
- Damage to your own business property: If an accident on your business premises damages your company-owned property, this damage will need to be covered by your commercial property insurance.
Learn more about what your policy will and will not cover by discussing it with a local independent agent.
How Can I Get the Best Commercial Premises Liability Coverage in Arizona?
When you are shopping for premises liability insurance or any other kind of business insurance policy, a local independent insurance agent can help. These agents work with several different insurance providers so they can find you the coverage your business needs and the lowest available price.
There are more than 400 independent insurance agents throughout the state of Arizona, so it should be easy to find an agent near you. Set up an obligation-free consultation with one of these experienced insurance agents to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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