Phoenix Business Liability Insurance

Phoenix business liability insurance can be purchased at a reasonable cost. Insurance companies base their prices on statistical risks, so if your company has low risk your premium will be low, too. Also, many Phoenix insurers offer business owner's policy (also known as a BOP) for small companies, which is less expensive and more comprehensive.

In addition to your Phoenix business liability insurance, you need a plan to insure your property, which is included in the business owner's policy package. You can also purchase an umbrella policy to give your Arizona company more coverage. An umbrella policy is an inexpensive way to get higher limits.

Affordable Coverage

If you run a low-risk company, you can probably purchase more affordable Phoenix business liability insurance than you think. You will obviously need commercial general liability coverage to protect you from third party claims related to property damage or other injuries. In other words, if someone tries to sue you after being injured on your property, you need this kind of coverage.

An Arizona commercial liability policy will protect you from third-party claims. If your business is a corporation, this policy will protect all of your stockholders, directors and executive officers for company related damages. It will also cover you if you have subsidiaries and own at least half of a stock.

Your partners, members, and even their spouses, will be protected by a BOP. Your employees will be covered from third party claims as well. In other words, your Phoenix business liability insurance protects you and all the people close to your business.

However, Phoenix business liability insurance isn't enough, and that's why you need to purchase a BOP. You also need property insurance to protect your company assets and your location. A BOP insures damaged or lost property for the total replacement value. For example, the property that your Arizona company owns or rents will be covered by your BOP. Your assets, including furniture, computers and so forth, will also be covered.

If you want help finding a good BOP, it might help to speak with a Phoenix business liability insurance agent. He or she can help you sort through the different options, assess your risks, and figure out how much coverage you need. It's important to make sure that your Phoenix, AZ company is well-protected, since you don't want a fire or a lawsuit to put you out of business.

Umbrella Liability Insurance

Phoenix umbrella liability insurance can cover anything "extra". In other words, if you have $2 million in general liability coverage, but your claim settles for $3 million, your umbrella liability policy will pick up the final million. Essentially, it covers any excess cost on a settled claim.

If you want higher coverage for your Arizona company, an umbrella policy might be a good idea. Umbrella coverage is essentially an extra layer of protection for your company, in case you didn't set your limits high enough or you missed certain risks. Luckily, if you're a low-risk company, you can purchase an umbrella policy for a good price.

While umbrella policies usually come with a high deductible, they can add a cushion of a few million to your basic BOP and cover gaps. A commercial umbrella plan will clearly define how the coverage applies. It often includes hired automobile, hired watercraft, non-owned aircraft, personal injury, advertising injury and completed operations.

An umbrella policy only works if a company is also insured with a BOP or commercial policy. The excess coverage can only be used when the primary policy isn't sufficient. Talking to a Phoenix business liability insurance agent about umbrella policies can help clarify exactly how they work and whether or not you need one.

Unfortunately, your umbrella liability plan will not cover errors and omissions or malpractice. Phoenix doctors, lawyers and other professionals should purchase malpractice coverage for negligence. Malpractice policies are also called "Errors and Omissions". This kind of coverage protects you if a client or customer believes that your Phoenix company made a professional mistake, and attempts to sue you for an error.

Basic Phoenix business liability insurance does not include Errors and Omissions Insurance. If you're providing advice, consultations, building houses, or anything of that sort, you most likely need this kind of protection. The type of policies you will need depends on the day-to-day activity of your Phoenix, AZ business.

You may need to consider Phoenix business liability insurance, property coverage and Errors and Omissions, as well. A BOP may help you simplify some of these concerns, and an umbrella policy can help protect you from oversights in your policies. However, making sure your company has high quality coverage is not an easy task, and it may help to talk to a good insurance agent to help you sort out the details.

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