Choose The Hartford for All Your Arizona Business Insurance Needs
Arizona’s economy has seen significant growth; in 2016 it grew faster than the US average coming in at an annual growth rate of 2.7% when the overall US growth rate was only 1.2%. The state also saw a reduced unemployment rate that dropped 0.9% from 2015 to 2016. Small businesses make up 99.4% of Arizona Businesses and created 26,932 net new jobs in a single year.1 It is critical that business owners are knowledgeable about the different types of business insurance available to help protect their businesses and employees. The Hartford had been helping business owners prepare and protect their small business owners for more than 200 years. Learn how The Hartford can help protect your Arizona small business by reading about the different types of small business insurance policies we offer.
Types of Arizona Business Insurance Offered
Business Liability Insurance AZ
The Hartford combines Business Liability Insurance and Business Property into one convenient policy called a Business Owner’s Policy (BOP). A Business Owner’s Policy is smart for business owners because it includes the two coverages that most businesses need in one policy. Rather than having to buy two separate policies, a BOP is convenient and can save your business money. You can also customize your BOP to meet the unique coverage needs your business may have, for example, a business owner could add on Data Breach Coverage or Professional Liability Coverage if desired. Consider a BOP from The Hartford if you want to help protect your business for example, in the event of the following claims:
- Your warehouse catches on fire which damages a significant amount of product that can no longer be sold causing your company to lose revenue.
- A customer injures themselves while in your store and sues you to cover their medical bills and time and suffering.
- A robber breaks into your office and steals a number of computers and hard drives with intellectual property stored on them.
Arizona Professional Liability Insurance
Professional Liability Insurance protects your company and you, by helping cover the expenses to resolve a claim if you are accused of or found negligent in the professional services you provided to a customer. Professional Liability Insurance can help cover the legal fees and costs associated with an incident where claims are made that you are liable. For example, your employee makes a clerical error that costs client money, and they sue you to replace the lost funds. The Hartford can help you assess liability risks, and develop policies to help prevent incidents from taking place. Some business types that should consider Professional Liability Insurance are:
- Interior Designers whose clients might claim for example, that the designer used the wrong materials, failed to deliver a project on time or to specifications, or provided bad design advice.
- Accountant and Tax Preparers who are handling a client’s finances and bookkeeping.
- Consultants who provide professional direction and assistance to other businesses or individuals.
AZ Business Income Insurance
Business Income Insurance can be a critical coverage for some business owners. Business Income Insurance covers income and revenue that is lost due to a covered incident. For example, if your place of business experiences fire damage and is unable to operate for a few weeks while repairs are taking place, this policy can help replace your business’s lost income to cover payroll, rent, and expenses until your company is back up and running. The Hartford can assist your business in getting back to working condition as swiftly as possible. Business income insurance is included in a BOP and can help protect your business for example, from claims such as:
- Your brick and mortar, retail location gets severely damaged from theft, and you have to close down during repairs which slows your retail sales.
- Your hair salon catches fire damaging your equipment and putting yourself and your employees out of business for a month of repairs.
- Your software development business relies on computers and servers that are damaged due to an electrical fire.
Home-Based Insurance in Arizona
Home-based businesses are becoming more and more common with the current increase of startups and small businesses aiming to keep overhead low by working out of their home. The Hartford offers Home-Based Business Insurance solutions with a range of coverage options to help protect your home-based business from the unique risks it faces. Consider our Business Owner’s Policy (BOP) which combines Commercial General Liability and Commercial Property coverage in one convenient and cost effective policy. We also offer separate General Liability and Property Liability coverages for businesses. These business insurance coverages can help protect your company from potentially significant losses if, for example:
- You store sensitive customer records at your home.
- You have clients come to your house for meetings.
- You have employees that work at your house.
- You keep inventory or office supplies at your home-based business.
Arizona Minimum Business Insurance Requirements
The state of Arizona requires that business owners have workers’ compensation insurance to cover each of their employees; this is to protect the employee if they suffer a work-related illness or injury so they can access medical treatment and get reimbursed for lost wages.2 The Arizona government provides helpful resources on their website to educate business owners about the different types of insurances available to them and what coverages are critical to have. The Hartford has been a trusted insurance provider for hundreds of Arizona small businesses and can help prevent and protect your business from an unwanted incident, learn more about our policies here.
Additional Arizona Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Data Breach Insurance
- General Liability Insurance
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
Get a quote on Small Business Insurance for your business today.