Small Business Insurance Arizona. A small business, as defined by the Small Business Administration, is one with 500 or fewer employees. As of 2016, there are 27 million or more small businesses in operation within the U.S., ranging from sole-proprietorships owned by the self-employed to construction firms, small stores, beauty salons, and even community banks. Regardless of their volume of business, all small businesses share a common thread - the need for obtaining proper small business insurance to protect their businesses from all angles.
Small business owners in AZ can work request a quote to find the right small business insurance Arizona policies for their businesses. From rate and policy comparison to finding the exact coverage that meets a specific business need, we can help you find policies for the your AZ business needs. Small business insurance Arizona protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Small business insurance Arizona protects your business from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
The smallest home businesses that have no employees are not subject to governmental requirements for purchasing insurance. Nonetheless, businesses with employees, even small businesses need certain types of insurance - some to remain compliant with government requirements and others that protect the business owner in the event of work-related accidents, illnesses, ideuries, or even death. Companies with employees may need:
Worker's comp policies for AZ small businesses. This type of small insurance Arizona may be available through the worker's compensation insurance program in AZ or through a commercial agent selling small business policies. The requirements for worker's compensation insurance are specific to Arizona, making it important that small businesses consult with an insurance pro for AZ requirements to ensure their compliance.
Unemployment insurance for AZ small businesses. Unemployment insurance is paid for using UI taxes collected by each individual state. After a business establishes itself and registers with the Arizona Department of Labor, the business owner begins paying UI taxes and is covered in the event of layoffs and other related unemployment issues.
Disability insurance policies for small AZ businesses. The purchase of disability insurance by small business owners can be a valuable type of insurance for small businesses looking to build up their employee benefits packages.
Group medical coverage for AZ small businesses. Small businesses with more than 50 employees may be required to purchase group health insurance for their employees under the Affordable Care Act. Even if you have no employees, you should consider coverage under a small business insurance Arizona policy for yourself and your family.
A type of optional insurance coverage, small business insurance Arizona provides your business with the coverage it needs to maintain operations after a lawsuit or catastrophic event. Lawsuits can wreak devastation to your business model, as can extreme weather events, fires, and accidents.
As many as 50 percent of businesses that undergo a natural disaster such as a hurricane, tornado, fire, or major flooding fail within a five-year period. Businesses that fail to resume operating in the aftermath of disaster within a 10-day period tend to close within a month's time in 80 percent of instances. These AZ businesses usually lack a solid insurance policy that helps the business to remain profitable and resume operations as soon as possible after setbacks due to covered perils.
Small business insurance Arizona needs vary widely, due to the vast numbers and types of small businesses in operation. Some considerations for the AZ small business owner when purchasing small business insurance to protect against loss and damage:
An important component of any commercial business insurance policy AZ is small business liability insurance. While the risk you need to protect your business from differs based on your industry, it is difficult to find a one-size-fits-all policy. Small business insurance Arizona policies are customizable, so your agent can tailor the policy to fit your risk threshold and the assets you need to protect. Some AZ small business liability insurance options are:
The amount and type of coverage needed by your business determines the rates. Insurers also look at the likelihood of a business facing liability suits when determining the rates charged.
Customized small business insurance Arizona plans are designed to fit your particular business model and may include other types of coverage that is uniquely necessary for your individual business. For example, your business may need:
Finding the right policy for a small business is no easy task, since business vary as much as the policies available. According to the SBA, "You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing."
Request a free quote today to get help in assessing your business' risks and formulate the right policy for your specific needs and risks.
Our agents can help you get a small business insurance Arizona quote online from several companies, which is instrumental in finding the right policy that meets your budget. We work with multiple companies and are not bound to sales for a particular company, making it easier to compare rates and options.
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.
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:
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.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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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.