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Queen Creek, AZ 85142

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Types of Commercial Insurance to Consider Based on My Industry

One size does not fit all when purchasing commercial insurance in Queen Creek, AZ. While many companies get general liability and workers’ compensation policies, those often aren’t enough to cover all risks. Many businesses need specific policies to cover risks for their industry. If you’re wondering what you need, The Insurance Team will gladly help.

Benefits of Getting Different Types of Business Insurance

When you buy different business insurance policies, you will protect yourself against a wide range of risks that could affect your company. Although essential, a general liability policy will only protect you against claims involving bodily injuries and property damage resulting from your products, services, or operations. If you have employees, you need workers’ compensation to pay for any injuries they may incur while working. But what happens if your business has to shut down due to unforeseen circumstances, you provide bad financial advice to a dissatisfied client, or the building in which your business is housed incurs damage from a storm? Other types of insurance can cover your losses, keep you operating, and help keep your business from failing.

What Types of Commercial Insurance Policies are Available?

Many types of commercial insurance policies are available. Sometimes, you can bundle these into a business owner’s policy, depending on your needs. Consider adding the following types of policies to protect your company:

  • Commercial auto insurance for a vehicle fleet
  • Property insurance
  • Business interruption
  • Professional liability (errors and omissions)
  • Cyber insurance
  • Tools and equipment
  • Product liability

Most businesses won’t need all these coverages, so which is the most appropriate for your needs? Ask the agents at the Insurance Team for advice. We can provide sound advice for covering myriad insurance needs for your business operating in Queen Creek, AZ and surrounding communities.

How much commercial insurance do I need?

When you own a business, having the right commercial insurance is essential. But how do you know how much coverage you need? It’s important to understand the different types of insurance available and what each covers to decide on the level of protection your business needs. The Insurance Team explains commercial insurance options in Queen Creek, AZ.

Commercial Coverage Options

Property Insurance

Property insurance protects the physical assets of your business from damage or destruction due to natural disasters, theft, vandalism, or other unexpected events. This type of coverage typically includes buildings, equipment, inventory, furniture, computers, and other items used for your business operations. Property insurance does not cover losses caused by employee dishonesty or cybercrime.

Liability Insurance

Liability insurance helps protect your business against claims of negligence or wrongdoing that could result in financial loss or injury to others. Liability insurance includes general and professional liability coverage (errors and omissions). General liability protects if someone is injured on your premises or if their property is damaged due to your negligence. Professional liability protects if you make a mistake in performing services for a client that results in financial loss or damages them reputationally.

Business Interruption Insurance

Business interruption insurance provides financial assistance if an incident causes a temporary suspension of operations at your business—for example if a fire or severe weather event forces you to close temporarily. This policy helps cover lost income and expenses associated with getting things back up and running after such an incident. 

We Are Here To Help!

Taking out the right amount of commercial insurance is critical for any business owner in Queen Creek, AZ, who wants to protect themselves from potential financial losses resulting from unforeseen events. The Insurance Team can help you find the commercial insurance you need – so contact us today!

Commercial Insurance FAQs

As a business owner, you want to do everything you can to protect your business from all the things that could happen to it. Different types of businesses face different types of perils. You don’t need to protect yourself from things that will never happen to you. But, you need to have enough to protect yourself from the risks your business faces. The Insurance Team in Queen Creek, AZ is here to help you find the right balance of commercial insurance between affordability and necessity. 

Commercial Insurance FAQs

What are the commercial requirements in Arizona? 

The only legally mandated commercial insurance required in Arizona is workers’ compensation. All employees, whether full or part-time, must be covered. 

Does commercial insurance cover flooding?

It depends on what kind of flooding is involved.  If a pipe bursts and floods your business, this should be covered. If a stream, river, or ocean rises and floods your business, then no, it isn’t covered with commercial insurance. If you live in an area prone to flooding, you can purchase a separate flood insurance policy through the NFIP. 

What does commercial property insurance cover?

Commercial property insurance covers the building that houses your business if you own it. But even if you don’t, it covers all of your business property inside the building. Your inventory, tools, office equipment and furniture, displays, machines, electronics, and raw materials. All the things you need to do business. 

Do home-based businesses need commercial insurance?

You should talk to your insurance agent. In most cases, your home insurance will not have enough coverage to protect your business. The liability portion of your home insurance will not cover people who are visiting you for business. Your personal auto insurance won’t cover your vehicle if you use it for business. 

Contact The Insurance Team in Queen Creek, AZ for a no-obligation quote. 

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