How to get the Best Commercial Insurance in Arizona
When you own your own business, you have a lot to think about.
One of the most important considerations as a business owner is getting the right commercial insurance policy to cover your risk and liability and to protect yourself and your livelihood in case of accident, storm, fire, theft, or other damages.
This not only protects your business but your employees and customers, as well.
In this article, we will talk about how to get the best commercial insurance in Arizona so that you can have the right coverage for your business. We will talk about the various kinds of commercial insurance that are available and the areas of your business that they cover.
We will also give you an understanding about how to get the best commercial policy for the best price and the difference that the right agent can make in your search for the very best insurance protection.
But, first, why do you need commercial insurance in the first place? Is this just another unnecessary expense for businesses or will it have a positive impact on your company and its future?
Imagine for a moment that you have owned a company that butchers and delivers meat to customers. There is a huge monsoon storm that knocks out the power to your facility and water floods the back-up generators.
Without refrigeration all your meat spoils and you have a significant loss in income as well as the expense of restoration and clean-up.
What Are The Types Of Commercial Insurance Available?
Every type of commercial insurance has its place. Depending on the nature of your business and the risks that your company is exposed to, you may need one or two of them, or you may need all of them
We will start by giving you an overview of all the different types of commercial insurance that are available to provide protection for you and your business and discuss why they might be useful to you.
Obviously, there are a variety of different types of commercial insurance because there is a multitude of different risks that are unique to each individual business. We will talk about nine of them in this article, but you should be aware that sometimes you will find them differentiated by different names, but their basic purposes and coverages are the same.
1. General Liability
General commercial liability insurance gives coverage to any business or company in the case of bodily injury, personal injury, and property damage. If your any damage occurs that is caused by the operation of your business or by one of your products, this is covered under a general liability policy.
A general liability claim is only triggered by either property damage (PD) or bodily injury (BI).
2. Professional Liability
Professional liability differs from general liability in that it covers your business from any damages that are caused by mistakes made in the performance of a job.
For example, if someone is injured or property is damaged because of the way you did your work or because of neglect of your job, this falls under the coverage of professional liability.
Keep in mind that if your job performance created the injury or damage it will not be covered under your general liability policy.
Essentially, professional liability coverage protects against damage from errors or omission in performing your professional services or doing your trade
In the first scenario, an accident occurred because he was there working in your home. In the second, the accident occurred because he did not do his job properly.
3. Commercial Property
Commercial property insurance covers the business property as well as all the personal business contents on the property from loss.
These losses may occur because of theft, fire, storms, accidents, or other physical destruction.
These policies can often be created to cover the loss of income that may result from having to do repairs on the property as well as increases business expenses that may result from any of the property damage.
In order to cover your business contents off your property, you will need to acquire an inland marine policy that covers the transport of any of your business contents from any damage, theft, or loss. Be sure to think about the nature of your business and the way you perform your work to make sure that you have inland marine coverage if you move your business contents regularly from your business premises.
4. Commercial Auto
Commercial auto insurance provides coverage for any vehicles used in the performance of a job or any business-related automobile transportation or travel. These policies cover bodily injury (BI) as well as property damage (PD) that is inflicted on others involved in a commercial vehicle accident.
5. Commercial Umbrella
For most commercial property, liability and auto insurance policies there are limits to how much coverage they will provide. Often this coverage is not adequate to cover business in the event of a serious accident.
Commercial umbrella policies increase the limits of liability for a company or business and offer more protection from risk and lawsuits.
6. Cyber Liability
Cyber liability is a relatively new form of commercial insurance that has really only been necessary over the last decade. These policies are used to cover both liability and property losses that may occur because a business is involved in online and electronic activities and are susceptible to cyber theft or fraud.
Cyber liability gives coverage to cover the costs and damages of illegal data breaches, including customer notification costs, defense costs, ongoing credit monitoring, government fines or penalties, additional industry fines, or other losses following any identity theft.
Getting the Right Commercial Insurance Means Getting The Right Commercial Agent
Your business is unique. It doesn’t work like anybody else’s company and it doesn’t have the same risks as another business, even in the same industry.
When you choose a commercial insurance policy, you need to make sure that your policy is written and negotiated by someone who knows your business and exactly what you need to be protected.
