Arizona Executive Career Life Coaching Insurance Policy Information
Arizona Executive Career Life Coaching Insurance. As a life, career or executive coach, you understand the power of peace of mind. Business insurance is essential to protecting your livelihood so you can focus on helping others improve their life and careers.
With Arizona executive career life coaching insurance coverage, you can rest easy knowing you're protected from a grievance or a lawsuit related to your professional services..
Arizona executive career life coaching insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Differentiating Between Career, Executive & Life Coaches
Knowing the differences between these types of coaching can help in selecting the right policy:
- In life coaching the emphasis is more strongly directed toward the well-being of the individual.
- A career coach is someone who helps people develop certain skills that are vital for their career including setting goals and career planning.
- Executive coaching caters for business executives to help them meet organizational objectives. These have a responsibility to the shareholders, the people working under them and to the organization itself. Executive coaching is more focused on specific measurable outcomes that impact the business as a whole.
Types Of Executive Career Life Coaching Insurance Policies
Following are some of the most common Arizona executive career life coaching insurance policies:
Professional Liability Insurance - This is a form of liability insurance, also know as errors and omissions (E and O), helps protect AZ life, career and executive coaches when providing professional coaching advice and services. The insurance covers the cost of defending a negligence claim made against you and any damages awarded in such a civil lawsuit.
The coverage is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss. For instance, if a client came to a realization in a session with you that he didn't like his job, told his boss and was fired, your professional liability policy would cover you if he came back and sued you for losing his job. Some organizations may require you to have this Arizona executive career life coaching insurance coverage before you can coach their executives.
Professional Liability Insurance fills these likely gaps that are leaving your career exposed:
- It covers suits filed after you have terminated your employment.
- Its limits are high enough to protect you and all your co-workers.
- This coverage includes lost wage reimbursement or licensing board hearing reimbursement.
- This coverage extends outside of the workplace, such as when you engage in volunteer, moonlighting or self-employed activities.
Commercial Property Insurance - What would your coaching practice be without your owned or leased building and your personal property? For most businesses, not much. Whether it's your office, your office equipment or your inventory, your practice has property that needs to be protected. It would be a serious hardship to start over if something like a fire or a major theft happened to your office. That's why having business property insurance you can count on is so important.
Cyber Liability Insurance - This protects your practice from the costs associated with a cyber-attack. A cyber-attack is when hackers break into your network to steal information or money from your practice. Hackers may be looking for personal information like SSNs that will allow them to steal the identities of employees, customers, and other people your practice has in its records.
Loss Of Reputation Insurance - This AZ executive career life coaching insurance applies when you innocently suffer a loss to your practice and good name after a lawsuit, complaint or other action by any third party. You may require the services of public relations professionals to help repair the damage caused by such situations. This cover will pay for their services.
Umbrella insurance - As a life, career or executive coach, sometimes you need umbrella liability insurance to extend the limits of your general and other liability policies. One of the perks of adding an umbrella policy to your underlying policies is that you only have to pay a single premium for the extra business protection - even if you use it to extend the limits of more than one Arizona executive career life coaching insurance policy.
Information Privacy Insurance - People today are very conscious of their privacy. Most are aware of the protection they receive under various laws. This coverage reimburses you for costs to notify clients of a breach of confidential personal information in compliance with privacy protection laws. It also covers fines and penalties that you become legally obligated to pay as a result of a covered proceeding.
Claims Made vs. Occurrence Coverage - When you purchase your Arizona executive career life coaching insurance policy, you need to decide between two types of coverage. One is called a claims-made policy and the other is known as an occurrence policy:
- A claims-made policy only covers claims if the claims-made policy is active
- An occurrence policy covers events that happened when the original policy was in force, even if the occurrence policy is no longer active.
Occurrence policies are move favorable because this policy will respond to claims that come in - even after the policy has been canceled - as long as the incident occurred during the period in which coverage was in force.
AZ Executive Career Life Coaching Insurance
As a coach, a vital component of your success is protecting your most valuable professional assets: your reputation and your financial security. A single claim, justified or not, can take significant time away from your practice and cost thousands of dollars in court and legal fees. Whether you work in an agency or in private practice being adequately insured will give you the financial security you need to protect yourself against a claim.
Arizona Economic Data, Regulations And Limits On Commercial Insurance
Anyone who is thinking about starting a business knows that choosing the right location for their operations is essential. The right market and a demographic that will benefit from and be interested in purchasing the products and services a business offers is crucial for the success of an organization. If you're considering Arizona as the location for your company's headquarters or a new division of your business, it's imperative that you make sure the state offers a climate that will allow your operation to thrive.
By analyzing the employment rate and the key industries that are thriving in the state, you can determine if Arizona will be a suitable location for your business. It's also important to be aware of the forms of commercial insurance coverage business owners are required to carry. Below, we look at all three areas to help you decide if the Grand Canyon State is the right place for you to establish a business.
Economic Trends for Business Owners In Arizona
The unemployment rate in Arizona is higher than the national average; as of May, 2019, the rate was 4.9 percent, while the national average as 3.6 percent. However, compared to 2009, when the rate was 10.9 percent, there has certainly been a decrease in the rate of unemployment.
Urban areas are the ideal locations for businesses in the Grand Canyon State, such as Phoenix, Tempe, Scottsdale, and Chandler; but, smaller areas offer promise, too. Payson, Snowflake, Flowing Wells, and Cottonwood are just some of the smaller locations that are seeing economic growth in Arizona.
There are several key industries that are thriving within the state, including:
- Aerospace and defense
- Bioscience and health care
- Film and digital media productions
- Professional and business services
- Technology and innovation
- Trade, transportation, and utilities
Commercial Insurance Regulations In AZ
The Arizona Department of Insurance regulates insurance in Arizona. Commercial insurance is vital for a business, as it protects the interests of all who are involved with the organization; owners, employees, customers, and vendors. Like any other state, certain forms of commercial insurance are mandated in Arizona, meaning business owners are legally required to carry these policies.
All employers are required to carry workers' compensation insurance, as it provides coverage for work-related accidents and illnesses that employees sustain. Commercial liability insurance, which covers third-party personal injury and property damage liability claims, might also required for certain licenses.
For establishments that sell alcohol, liquor liability insurance is a legal requirement. Lastly, companies that rely on vehicles for business-related purposes (truckers, etc.) must carry a commercial auto insurance policy to protect the drivers of their commercial vehicles, as well as other drivers on the road.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Arizona Executive Career Life Coaching insurance quote in Anthem, Apache Junction, Arizona City, Avondale, Avra Valley, Benson, Bisbee, Buckeye, Bullhead City, Camp Verde, Casa Grande, Casas Adobes, Catalina, Catalina Foothills, Cave Creek, Chandler, Chinle, Chino Valley, Citrus Park, Coolidge, Corona de Tucson, Cottonwood city, Doney Park, Douglas, Drexel Heights, El Mirage, Eloy, Flagstaff, Florence, Flowing Wells, Fort Mohave, Fortuna Foothills, Fountain Hills, Gilbert, Glendale, Globe, Gold Canyon, Golden Valley, Goodyear, Green Valley, Guadalupe, Holbrook, Kingman, Lake Havasu City, Lake Montezuma, Litchfield Park, Marana, Maricopa, Mesa, New Kingman-Butler, New River, Nogales, Oro Valley, Page, Paradise Valley, Paulden, Payson, Peoria, Phoenix, Picture Rocks, Prescott, Prescott Valley, Queen Creek, Rincon Valley, Rio Rico, Saddlebrooke, Safford, Sahuarita, San Luis, San Tan Valley, Scottsdale, Sedona, Show Low, Sierra Vista, Sierra Vista Southeast, Snowflake, Somerton, South Tucson, Summit, Sun City, Sun City West, Sun Lakes, Surprise, Tanque Verde, Tempe, Thatcher, Three Points, Tolleson, Tuba City, Tucson, Tucson Estates, Vail, Valencia West, Verde Village, Village of Oak Creek, Wickenburg, Williamson, Winslow, Youngtown, Yuma and all other cities in AZ - The Grand Canyon State.
Also learn about Arizona small business insurance requirements for general liability, business property, commercial auto & workers compensation including AZ business insurance costs. Call us (480) 937-2697.