Business Insurance in Phoenix and Yuma, AZ
Business insurance, also called commercial insurance, is insurance coverage designed to cover a business, including its employees and ownership. There are a wide variety of different types of business insurance available.
Having the right commercial insurance policies is a significant component of a comprehensive risk management strategy that can help protect your business’s finances. Our agency is here to help you with all of your commercial insurance needs. Call Best Buy Auto & Home Insurance Agency Inc today to learn more or to get a free, no-obligation quote.
What Is Business Insurance?
Business insurance can provide an essential financial safety net for your organization that may help limit out-of-pocket losses following many common incidents. An adequate commercial insurance portfolio typically consists of several separate policies, although some insurance companies may offer bundled options or prearranged packages.
Types of Business Insurance Policies
When assembling your business’s insurance portfolio, several types of coverage may be advisable regardless of your unique circumstances, such as the following:
- General liability insurance may help pay for third-party losses for which you are responsible, such as those arising from bodily injuries or property damage.
- Errors and omissions insurance may provide financial assistance if a client or customer accuses you of providing inadequate, negligent or late professional goods and services.
- Commercial property insurance may financially protect your physical assets, including structures, equipment and inventory.
- Business interruption insurance may cover ongoing expenses and losses following a disruption of your normal operations, including rent, loan payments, lost revenue and payroll.
- Workers’ compensation insurance may help pay for medical expenses, disability benefits, lost earnings and legal fees resulting from employees’ work-related injuries and illnesses.
Additional coverages may also be necessary depending on your business’s operations and subsequent risks and exposures. For example, commercial auto and cyber liability policies are advisable if you use motor vehicles for business purposes or store sensitive data.
Why Do You Need Commercial Insurance?
Business insurance is a critical loss control measure for all commercial enterprises. These investments may play a deciding role in your organization’s future following an accident, error or other incident, as lacking coverage may leave you without the means to manage these situations and recover from the financial consequences.
Furthermore, several types of insurance may be required. For example, workers’ compensation insurance and commercial auto liability coverage are often mandated by law. In addition, commercial property insurance may be required by landlords and mortgage lenders.
How to Get Business Insurance
If you need commercial insurance solutions, we’re here to help. Give Best Buy Auto & Home Insurance Agency Inc a call today to get started with a quote.