How many hours have you put into your business? All that hard work needs the protection of a bulletproof insurance policy. Business insurance will keep your company safe from accidents or potentially bank-breaking lawsuits. Depending on what kind of business you run, Arizona might require certain types of insurance for your employees. Look into what you need, legally and practically, to keep your business running for many years to come.
There are three main types of business liability insurance. General liability covers medical bills or legal fees resulting from injuries, accidents, libel, or negligence. Product or professional liability insurance will protect your business from lawsuits dealing with a product or service offered by your company. Many business owners choose umbrella liability insurance, which is a comprehensive insurance plan that ensures your business isn’t left vulnerable by holes in your policy.
If you run your business from a store or office building, you will need business insurance that covers your property. This coverage will not only financially assist you after natural disasters, fires, or vandalism, but it can help make up for losses during business interruptions caused by property damage.
Despite the common myth, homeowner’s insurance will not automatically protect you from business-related damages and losses at home. If you run your business from your house, even partially, you will want to add a rider to your homeowner’s insurance that will cover business losses in case of an emergency.
If you hire full-time employees for your business, you will need to offer them health insurance. Arizona laws dictate what kind of coverage will need to be provided. Requirements include coverage for mammograms, newborn babies and handicapped children. Health insurance cannot exclude employees based on pre-existing conditions, and no limitations can be placed on maternity
Workers’ compensation not only provides employees with lost wages and medical coverage after an injury on the job site, it also protects your business from lawsuits after an accident. Depending on the work environment, workers’ compensation could
be vital to the survival of your business. Construction businesses are required by Arizona law to have workers’ compensation insurance.
Insurance for your business is necessary, but the premiums can start to add up. Hiring temps who don’t need additional insurance coverage could help you cut back on expenses. For more information on our pre-trained and highly-qualified temporary workers, visit us online or call 877-836-7527.