Business Insurance in Phoenix, AZ
Owning and running a business requires a lot of time and effort, and looking after such an investment is essential. Building a robust insurance portfolio is one way to protect everything you’ve worked for. Business or commercial insurance can help safeguard what you worked hard to build. Without insurance, you could be susceptible to financially devastating incidents.
What Does Business Insurance Cover?
Business insurance isn’t a single policy that you can buy but rather a type of policy that is designed for businesses. Every business’s insurance portfolio is unique to the operations it covers; however, most businesses need a minimum of the following four types of coverage:
1. Property insurance
2. General liability insurance
3. Business interruption insurance
4. Workers’ compensation insurance
The following are additional coverage options an insurer may recommend, depending on your circumstances:
- Cyber liability insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Professional liability insurance
- Directors and officers insurance
- Product liability insurance
- Business interruption insurance
- Employment practices liability insurance
How Does Business Insurance Work?
Business insurance is designed to help relieve your financial burden when unexpected incidents occur. If an incident occurs that you think should be covered, you will file a claim with the insurance company explaining what happened and what was lost or damaged. Your insurer will issue a payment to help recover your losses if they agree it is a covered incident. Your insurance provider may also handle your legal representation if you are sued.
A business insurance policy will generally include the following components:
- A premium
- A deductible
- Policy limits
- Exclusions
- Endorsements and additional coverages
What Business Insurance Is Required by Law?
Every state has different laws regarding business insurance, but many require workers’ compensation for most businesses. Working with a qualified insurance provider who knows the local legal requirements is critical to ensure adequate coverage that complies with applicable laws.
How Much Business Insurance Do I Need?
To help determine how much business insurance you need, contact Above All Insurance. We can help determine which policies and premiums are best for your operations.