Arizona Business Insurance Guide: Contents
Everything (almost) you need to know about business insurance in AZ…
Topics covered in this guide:
The Arizona Business Insurance Guide will cover topics that every small business owner needs to know. I’ll start with a list of common mistakes businesses make when buying insurance in Arizona.
But first I’ll list the table of contents. This list will grow as I think of more topics, and it will eventually become chapters in a comprehensive guide which I plan to publish. So keep checking back for fresh links as I discuss these topics one at a time:
- Common insurance mistakes businesses make
- Self Employed?
- Home Based Business?
- Workers Compensation
- Commercial Auto Insurance
- Commercial Property Insurance
- Commercial General Liability Insurance
- Business Interruption Insurance
- Employment Practice Liability Insurance
- Business Owners Policy (BOP)
- Product Liability Insurance
- Professional Liability Insurance
- Errors and omissions insurance
- Directors and Officers Liability
- Key Man Insurance
- Commercial Real Estate
Common insurance mistakes businesses make:
If you’re like most small business owners in Arizona, you get solicited by so many insurance agents that you get numb to the entire subject of insurance. I don’t blame you. There are over 200 insurance agents within five miles of my office in Chandler AZ. They are everywhere.
But just because someone can legally sell you a a business insurance policy in Arizona doesn’t mean they sold you the right policy… the right policy for you and your business.
Let me share with you just a few of the common mistakes small business owners make when buying insurance:
Missing or incorrect insureds or locations.
As your business grows and changes, it’s easy to forget to review the dec sheets of your polices to make sure that everything and everyone is insured. This is a simple thing to check, so make sure you bring all of your polices with you for your next insurance check up.
Deductibles are too low.
Your deductibles may have been fine a few years ago, but with rising premiums, it’s a good idea to discuss this with your insurance agent. Raising your deductibles, where appropriate, can free up premiums to be used in areas where you may still have gaps.
Not enough business continuation insurance.
Most business owners either don’t know what this is, or haven’t reviewed their limits in a while. Think of this as disability insurance for your business if something happens to slow or stop its income. In other words, who will pay the business’ bills while the business is sick?
Property is under-insured.
We’ve all watched property values begin to rise again in Arizona. Has your insurance kept up? Many policies have a co-insurance penalty. In essence it means that if you don’t have your property insured for the correct amount, you will be penalized at claim time. Not good.
Not enough liability coverage.
This may be the most common mistake I see. Courts in Arizona are handing out record judgments against business owners, and attorney rates keep going up. You can be sued by anybody for just about anything. Review your liability coverage every year with an experienced agent who will take the time to go over real-life scenarios. Don’t lose your business because you forgot to ask a simple “what if” question.
If you need someone to help you make sure…
Call me for a second opinion. I won’t pressure you into changing what you are doing right now. But I can be another set of eyes to make sure everything is what it should be. I’ve been a Farmers Insurance agent for over 20 years, and with the help of my incredible staff, I’ve helped many business owners sleep better at night knowing they are covered properly.
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Originally published at www.joesinsurance.com.