Best Small Business Insurance In Arizona (rates from $40/month)

How Much Does Small Business Insurance Cost In Arizona? 

Customers pay an average of $40 per month for small business insurance in Arizona. But—and this is crucial—the average costs can’t tell you what your premiums will be. Insurance rates can vary significantly depending on the industry, where you live in Arizona, and how much your insurance needs change. As a result, your premium might be higher – or drastically lower.

Who Has The Cheapest Small Business Insurance In Arizona? 

Cover Wallet has some of the cheapest Arizona business insurance rates. 

They provide one of the simplest and quickest methods to obtain liability coverage for your company in Arizona.

However, small business owners should compare rates and policies with multiple companies to ensure they get the best deal for themselves.

What Factors Impact Arizona Business Insurance Premiums?

The cost of policies in Arizona is determined by various factors, including the types of services or goods you offer, the number of employees you have, how long you’ve been in operation, and your claims history.

Typically, your policy’s maximum coverage is restricted to a specific amount throughout the term. The following are some of the most important factors that influence Arizona business insurance costs:

Your Claims History – Like car insurance, the more claims you have, the higher the costs can become. If you have claims on your policy, your premium will usually increase.
Deductibles – Low deductibles for Arizona business coverage imply higher premiums, as they do with medical insurance. If you raise your out-of-pocket expenses (deductible), your premium is likely to drop.Experience – A company with greater expertise may generally get lower premiums than a less experienced company.
Gross Sales – The more revenue you make, the higher your monthly premiums could become. Usually, as your revenue increases, so will the things you need to protect. So, if you are a business owner making less than $50,000 a year, your premiums may be lower than a larger company that earns $3,000,000 a year.
Industry – If you have a company like an accountant, your premiums may be lower than those of a roofing company since the risks for bodily harm and damage to your property is more significant.
Policy Limits – You can choose how much coverage you want, and you will generally pay more for higher limits. A $2 million limit per claim in a liability policy, for example, will be more expensive than a $500,000 limit.

Population and Crime Rates – Small companies in safer locations can save money on property insurance covering theft and vandalism. Smaller towns with less foot activity may save money on their insurance, which protects against customer claims. A small company owner in a large city, on the other hand, might pay more for this coverage.

Small Business Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. However, we are here if you need us. 

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Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get small business insurance within minutes of getting your quotes and applying online.

What Are The Most Common Types Of Business Insurance In Arizona? 

You might only need one policy for your company; however, it’s best to know about the common options and what is or isn’t covered in your policy. These policies can protect your company from all sorts of things including advertising injury.  

Below we detail the most common coverage types: 

In Arizona, general liability insurance protects small company owners from financial losses and lawsuits that occur if someone suffers a physical injury because of your actions or you damage someone else’s property. 

Protecting against customer injuries at your firm.Customers’ property that has been damaged.Libel or slander lawsuits – (the most common types of defamation lawsuits.)

Professional Liability (Errors & Omissions)

This policy is also called errors and omissions insurance or e&o coverage, and it protects experts whose work is based on their expertise. It covers claims filed by clients against professionals for mistakes and missed deadlines.

Mistakes and oversights in the workplaceLawsuits against professional negligenceIncomplete work or missing deadlines

Workers’ compensation coverage may be a lifesaver if you or an employee suffers an injury on the job since it covers medical treatment and lost income. If you don’t have workers’ comp, your out-of-pocket costs could rise dramatically after a workplace accident.

Medical expenses for employeesWages that have been partially missedLawsuits regarding employee injuries

This insurance policy helps Arizona companies recover from data breaches and cyberattacks by reimbursing costs for client notification, legal fees, and other associated expenses.

Breach of privacy and data protection claimsExpenses related to notifying a clientCosts associated with monitoring fraud

Construction businesses and general contractors operate in hazardous environments and face high risks. Contractor liability policies help pay expenses related to third-party injuries and property damage.

Customer injuries & damage to propertyLibel and slanderProduct liability

Limited Liability Company Insurance (LLC insurance) is a specialized form of individual insurance protecting LLCs from liability claims. It protects LLCs against various liabilities, including bodily harm and property damage caused by your business, employees, or products.

Protecting your businessProduct liabilitiesEmployee liabilities

Business Owners Policy (BOP)

This policy bundles property insurance and a general liability plan into one product. It’s often the most cost-effective type of commercial insurance for a Arizona small business owner.

Injuries to customersDamaged customer propertyDamaged business property

Home-based business plans cover the expenses of property and liability risks incurred by business owners that operate out of their homes. Consider purchasing this coverage if you maintain supplies, equipment, or other company assets at your house or have clients visiting.

Clients injury when visiting your home for businessDamage to your business property in your homeDamage to client property

As you can see, there are several options and it can become more complicated than that as your firm grows. 

Which Industries Buy Business Policies In Arizona The Most?

Below is a list of industries that most often purchase insurance for their new company or startup: 

Landscaping & Lawn CareFood & BeverageLegalAccounting & FinanceRetailHair & BeautyFitnessDay CareCommercial CleaningHeating & Air Conditioning

What Are The Minimum Requirements For Business Policies In Arizona?

Workers Compensation Insurance

Arizona law requires all businesses that engage in the regular employment of at least one employee, full-time or part-time, to have workers’ compensation insurance. Independent contractors, casual or occasional employees, and domestic help who are only employed in a home are not covered by the policy’s exclusions.

Commercial Auto Insurance

All business-owned cars in Arizona are required to have commercial auto insurance. Each person in an accident in Arizona must have at least $15,000 worth of bodily injury liability coverage.

While it is not required, personal vehicles driven for business purposes should be covered by hired and non-owned auto insurance since personal automobile policies generally exclude commercial usage. It may be included to general liability or a company owner’s policy.

INSURANCE WHERE YOU LIVE

Small business insurance by state.

Great businesses carry great responsibilities – keep yours safe with a Business Insurance Policy.

Business insurance policies protect you against lawsuits, employee injuries, cybersecurity attacks, and property damage.  Click on your state to get a free quote today.

What Does Small Business Insurance Cover In Arizona?

There are a few things your business liability insurance can cover, depending on your policy type and needs. Starting off, most Arizona small businesses may need a professional liability policy or general liability policy.

If you plan to use vehicles for your business, you will need more coverage than just your auto policy via a commercial auto policy.

General Liability Insurance

Also known as Commercial General Liability (CGL), it protects your business from third party claims, another person or business’s claims of bodily injury, associated medical costs, property damage claims, and against personal and advertising injury.

Below are some Arizona business insurance coverages you can find in a policy:

Bodily injury: One of your customers comes to look at your booth and stumbles over some wires that an event planner left out. The customer’s medical expenses, paid for by your liability insurance, might be covered under the policy.

Property damage and data loss: Suppose a consultant spills coffee on a programmer’s server, causing damage. General liability insurance coverage could cover the subsequent claim up to the policy limits.
Personal injury: A barber is overheard talking badly about one of the shop’s clients on his lunch break to other customers. The client who was slandered sues the salon for defamation. A general liability policy might cover defense costs and any settlement or judgment.

Professional Liability (Errors and Omissions) or E&O insurance

Professional liability insurance, also known as errors and omissions (E&O), is a form of liability coverage that protects your firm from allegations that you made mistakes (errors) or didn’t perform personal services (omissions) while providing professional services.

Professional liability can reimburse legal defense costs for defending your business in a civil lawsuit and compensation if won. If your company offers a professional service, advises clients, or is obligated by contract to do so, you should probably purchase an errors and omissions policy.

Workers Compensation (Worker’s Comp)

Workers’ compensation is a state-regulated insurance policy that provides medical care for people who have suffered work-related injuries and illnesses. Workers’ compensation insurance covers injured or ill employees on the job, allowing them to obtain medical treatment.

For example: Suppose one of your staff hurts their back while lifting a heavy box at work. That employee would be eligible to receive workers’ compensation payments for the cost of seeing a doctor (as well as any physical therapy they require). In addition, in the state of Florida, your staff may get paid two-thirds of their weekly wage while healing

Business Owners Policy (BOP)

A business owner’s policy (BOP) combines general liability and commercial business property insurance. BOP is often utilized to provide comprehensive protection for small businesses while also safeguarding their assets.

The following are some examples of what might be covered:

Commercial Crime insurance to protect companies from employee dishonesty.Office insurance for fire and business interruption.Hired or non-owned vehicle insurance.Electronic data loss insurance.

Commercial Auto Insurance

Automobiles must have commercial auto insurance, such as cars, trucks, and vans used for business. Because commercial vehicles are generally exposed to more risk than personal vehicles, they require a separate policy.

Commercial auto insurance isn’t only for big trucks like semis or roll-off dump trucks. Businesses that use a vehicle to run errands, transport tools, or transport customers may require a commercial auto policy, for example.

Cyber Liability Insurance

Cyber insurance is a type of coverage that protects small Arizona businesses from the high costs of data breaches and malware attacks. It covers things like consumer notification, credit monitoring, attorney fees, and fines.

What Does Business Insurance Not Cover In Arizona? 

Standard commercial property insurance does not often cover losses sustained in certain circumstances, such as floods and other significant weather incidents. Customers’ belongings kept at your company are also affected by this.

Standard professional liability coverage typically does not cover things like deliberate and intentional actions.

Standard liability insurance does not cover automobile accidents; for that, you’ll need commercial auto coverage. Traditional plans do not provide comprehensive protection, but it is feasible to add coverage riders to cover the increased hazard.

How Much Arizona Liability Insurance Should You Carry?

Most small businesses in Arizona will probably only need between $500,000 to $1 million in coverage. However, each situation is unique, but as a general guideline, the type of business you operate or products you manufacture should determine how much Arizona commercial general liability insurance you need.

Small Business Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. However, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get small business insurance within minutes of getting your quotes and applying online.

Arizona Department Of Insurance & SBA Information

How To Reach The Small Business Insurance Arizona Department Of Insurance?

The best way to contact the Arizona Department of insurance is by phone at (602) 364-3100.

If you are going to email them, send your message to [email protected].

You can reach the Arizona Department of Insurance at the below address:

Arizona Department of Insurance and Financial Institutions
100 N. 15th Avenue, Suite 261
Phoenix, AZ 85007-2630

For more information about the Arizona Department of Insurance, you can visit their website at: https://difi.az.gov/

How To Reach The (SBA) In Arizona?

You may access the Arizona SBA’s website at: https://www.sba.gov/offices/district/az/phoenix

Can I Buy Small Business Insurance Online In Arizona? 

Yes, you can buy insurance for your small company instantly online in Arizona from most companies. Most of the top A-rated companies have an application process that is 100% online where you can get quotes, apply for coverage, and make payments, all without speaking to a licensed agent.

1

Get Your Personal Information Together. You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you live in and what coverage you need.

2

View Your Instant Quote. Once you have your info, you want to click here or any of the above buttons to start the quote process. Once you have your quotes and pick the coverage option that works best for you, it’s time to get covered.

3

Start Your Online Application. Once you have all of your personal information together, your next step will be to start the application. Again, this will be easy by just following the prompts after you complete your quote. 

4

Pay For Your Policy & Print Your Proof Of Insurance. Once your policy has been approved and paid for, simply print out your proof of insurance, and you’re covered.

Taking Action

Small Business Insurance is a necessity for business owners who want to protect themselves from the unexpected.

Business owners who do not carry the proper coverage could end up paying out of pocket for any mishaps that occur while operating their small businesses. It covers you for general or common liability as well as property damage and loss.

All you need to do is click here to get some instant quotes and get covered today.

Frequently Asked Questions

How much is insurance for a small business in Arizona per month?

In Arizona, the average cost of Small Business Insurance is $40 per month; however, the typical price of a policy may differ based on your specific requirements. So you could discover that your plan is less expensive if it protects assets worth less than $100K or more costly for those with properties valued at more than $400K.

Which Small Business Insurance is best in Arizona?

Coverwallet is the top Small Business Insurance firm in Arizona since they provide some of the best coverage choices, low rates and can submit paperwork quickly. Coverwallet provides Small Business Insurance in Arizona for as little as $40 per month.

Do I need insurance for my LLC?

Anyone who starts their own small business and operates as an LLC will need small business insurance mainly because there are risks involved with owning a small business that cannot be predicted. Therefore, it is always good to get small business insurance even if your small business isn’t required to have insurance in your state.

How much does a 1 million dollar business insurance policy cost in AZ?

On average, your business may pay between $25 and $83 per month for $1,000,000 of basic professional liability insurance in Arizona. For small business insurance, the cost largely depends on your small business’s location and coverage choices.