Commercial Insurance

What Is Commercial Insurance?

Commercial insurance is a type of policy that is used to protect businesses, including employees and owners. Since every business is different, there isn’t a one-size-fits-all insurance policy that every business can use.

Types of Commercial Insurance in Arizona

Business liability insurance will help protect owners and employees in the event of an accident. Commercial property insurance can help protect the company’s physical assets, which include the building, equipment, and inventory. Commercial auto insurance will help protect a business from damage that is related to work vehicles. Business income insurance will help business owners pay bills and cover costs if the business has to close temporarily. Business interruption insurance will help pay for any lost income if your business is forced to close for a short time. Workers compensation insurance will help protect employees in the event of a work-related accident. Cyber liability insurance can protect a business from any damages that are related to computer systems, data breaches, and computer attacks. A commercial umbrella policy can also help provide some additional coverage. An agent at Magelan Group PLLC can help you find the right coverage for your business.

What Is Required for Commercial Insurance?

In Arizona, workers compensation is required for businesses that have employees, regardless of how many workers the company has and if they are full time or part-time. However, no other insurance is mandatory, including commercial liability insurance. It’s important to note that the Arizona Constitution forbids passing laws that will limit the damages someone can recover for death or personal injury, so while it’s not necessary, it should be encouraged to protect your business assets. The statute of limitations for a personal injury or product liability suit is two years in the state, and lawsuits and accidents do happen. Most businesses should have between $500,000 and $1 million of coverage, and high-risk businesses should have even more liability protection.

Contact Magelan Group PLLC to get a quote on commercial insurance.