Topics covered in this guide:
But first I'll list the table of contents. Keep checking back for fresh links!
Common insurance mistakes businesses make.
Do you need business insurance if you are self employed?
Do you need business insurance for your home-based business?
Arizona Workers' Compensation - a comprehensive guide.
Commercial auto insurance - do you need it?
Commercial Property Insurance
Commercial General Liability Insurance (CGL)
Business Owners Policy (BOP)
Business Interruption Insurance
Employment Practice Liability Insurance
Product Liability Insurance
Professional Liability Insurance
Errors and omissions insurance
Directors and Officers Liability
Key Man Insurance
Commercial Real Estate Insurance
Common insurance mistakes businesses make:
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...
~Joe M. Baselice (480) 940-0909