If you own a business in the state of Arizona, you are required by law to carry certain amounts and types of insurance. The coverage and amount required may depend on whether your business is run out of your home or if you have customers on-site. Another consideration is whether or not you have employees. Further, it may depend on the type of business you have, such as a retail business, a light manufacturing company, a winery or vineyard, or other small business.
The good news is there are options in how you can cover your business. A common choice for many businesses is a business owners’ policy, also known as a BOP.
A BOP will typically offer financial protection for both property damage and liability to cover qualified accidents and occurrences that may include theft, lost income, loss of data, and more. A BOP will also usually provide coverage for the structure or building where your business operates. For that reason, a BOP is not typically recommended for most home-based businesses.
A BOP can provide some degree of off-premises coverage as well, including liability for products and parts installed by your company. It’s an excellent insurance choice for businesses such as convenience stores, electricians, plumbers, and other similar businesses.
A business owners’ policy typically includes:
- General Liability – Coverage to protect you if an employee has an accident or if your products or services cause bodily injury or property damage.
- Professional Liability – Also known as Errors & Omissions (E&O), this type of coverage insures against improperly rendering or failing to provide professional services.
- Product Liability – Coverage for situations where your product fails to perform, causes injury or results in property damage.
- Property – Offers protection for business property and its equipment, including computers, office equipment, tools and more.
- Workers Compensation – Offers medical benefits and wage replacement to workers injured on the job.
- Commercial Business Auto – Offers financial protection for business vehicles, with options for situations where employees drive their vehicles in the process of performing company business.
A BOP is an excellent choice for many companies because it can cover a wide range of needs. However, there are occasions when a BOP isn’t the best choice, making other types of business insurance a more appropriate option. Should that be the case, Vanyo Insurance Group can help as well. Our experienced and knowledgeable staff can suggest coverage to best insure your business and help to keep your finances safe.
Contact Vanyo for a Business Insurance Quote
Whether it’s your business, business vehicle or other asset, Vanyo Insurance Group can help you financially protect it. A free consultation with one of our agents could help you find the right BOP and other business policies to suit your unique situation. Contact Vanyo Insurance Group today to begin your no-obligation insurance quote.
