If you own a small business, you need to have insurance. If something happens to your inventory or if, for example, a delivery man has a business-related package and slips as he leaves your doorstep, you could be liable for big losses. There are several types of insurance policies for Arizona small business owners.
Types of Business Insurance Policies
- General Liability Insurance: This is the broadest policy that an Arizona small business insurance provider offers.
- Product Liability Insurance: For businesses that create, distribute or sell products, you might want to consider this type of policy. An insurance agent in the Phoenix region can give you information on Arizona liability insurance and help to assess your needs.
- Professional Liability Insurance: If you provide a service, a professional liability policy protects you against claims of malpractice, negligence or mistakes in provision of services.
- Commercial Property Insurance: This policy protects you in case of loss or damage from fire, smoke, weather, vandalism or other incidents. The coverage applies to lost income, business interruption, computers, documents and buildings.
- Home-Based Business Insurance: For home-based businesses, it’s important to ensure that you can cover losses. Homeowners’ insurance policies don’t cover all business losses. There are a couple of options:
- Add a rider to a home insurance policy: Some say this type of insurance policy is good for home-based business owners who could handle a loss if they were unable to operate briefly, or those who don’t have many business-related visitors.
- Purchase an in-home business policy: An in-home business policy can offer you coverage in case documents disappear, something happens to money. It also provides coverage for injury or theft for up to three employees.
- Business owner’s policy: This is the most comprehensive type of policy – it’s best for business owners who need at least $10,000 insurance coverage.
If you’re interested in finding out more about business insurance options, contact a Summit Insurance Advisors representative today. We can help you find the right policy for you business.