While you don’t need to have business insurance in Peoria, AZ, it doesn’t make sense not to. Any business needs to have insurance because it protects them in the sense that it pays out any valid liability or property damage claims. If the owners didn’t have insurance, they would be personally responsible for any money owed.
Some states have precise requirements when it comes to the type of insurance needed. However, no matter where you live, there are basic policies you should get from a business insurance agency.
Business Owner’s Policy
This is the most common business policy purchased by small business owners because it combines different types of insurance into a single one. Coverage under the Business Owner’s Policy includes business liability, business income, and business property.
Liability, sometimes called Commercial Liability, aids in covering any costs associated with any kind of liability claim filed against the business. This helps when a customer sues your place of business for some type of injury or anything else that might have occurred. The business property protects your business assets and your business’s physical location.
Business income insurance is important because it allows you to pay your expenses when you can’t operate. This policy will help cover some of your lost income due to a specific loss, such as a fire. Read through your business insurance policy to find out what events qualify for coverage.
Worker’s Compensation Insurance
Workers comp is the most common business insurance in Peoria, AZ. Businesses with employees must carry this to help employees who can’t work due to something that happened while they were on the job.
