Arizona General Liability Insurance – AZ
Arizona General liability insurance is must-have coverage to have for all businesses big or small.
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This type of insurance protects your business against different claims stemming from harm to third parties or your customers.
The fact is that all businesses face some level of risk, which is why they need general liability insurance.
This form of coverage can help protect your business against claims relevant to malpractice or bodily offenses.
General liability insurance in Arizona can be had in different types of coverage, and the one you need will depend on the kind of business you operate.
For example, if you operate a construction business, then you will require a higher level of general liability insurance coverage.
5 Big Reasons Why You Must Have General Liability Insurance in Arizona
One of the several common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that running any type of business is already risky.
General liability insurance in Arizona not only covers your business against claims arising from injury and property damage but also from any issues as a tenant if you are renting a space.
Further, it extends coverage for not only your business but also your employees against claims resulting from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 excellent reasons your business needs general liability insurance.
Workers’ Compensation Insurance in Arizona
If you are a handyperson, you already should be aware of the cash you can lose if you fall ill.
As a handyman, you are not protected by government workers’ compensation advantages, therefore you should explore AZ handyman insurance.
Research shows that injuries to independent workers in Arizona were up by a whopping 12 percent.
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When you invest in Arizona general liability insurance, you are covered financially for medical costs related to the injury at the worksite.
Depending on the general liability insurance policy you choose, you may also be eligible for cash for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to get general liability insurance in Arizona.
If your company runs services that can cause harm to others including customers, then investing in general liability insurance should not be an option.
One great example of this is AZ dog walker insurance, which protects your pet sitting business if the dog causes harm to others.
Another example is when you are restoring your client’s drywall, and they trip over your tools, then you will be have to pay for their injury.
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If you invest in general liability insurance in Arizona, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Arizona is to shield your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly break an expensive vase, then you will have to compensate for the damages.
Depending on the cost of what you spoil, you may have to pay for these claims from your own pockets, that is if you do not have general liability insurance coverage.
Arizona General liability insurance can help protect your business against any lawsuits stemming from claims that you poorly deliver services as promised.
Things such as poor workmanship can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agent to check if they offer this form of insurance.
While general liability insurance covers your business against many different kinds of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling things under your own company, then it is important to have general liability insurance in Arizona, and here is why!
If a person claims bodily harm due to the use of your establishment’s products, then general liability insurance will protect you against these sorts of claims.
And if you sell your products via your website, then it is a good idea to check out AZ ecommerce insurance to better shield your interests.
Take, for example, your organization is selling facial creams, and a client has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are certain things that may not be covered under your insurance contract.
The first thing that may not be shielded is against claims not related to your services. Employee accidents may also not be covered under your general liability insurance policy.
As a business, you may be storing several expensive tools in your car or even at your customer’s property.
If these tools do get stolen, you will have to get specialized general liability insurance.
In the case of theft of your personal belongings, your auto insurance policy will not cover these things against theft.
Another area where general liability insurance may not offer protection is if you make errors in your services.
When buying general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not pay costs that are over your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is an umbrella term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL form of insurance covers your company against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your corporation against reputational harm or oversight in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your business that stem from errors in the services you provide.
For example, if you are a chartered accountant that provides a client with incorrect figures, and they sue you, professional liability insurance will cover the legal expenses.
If you provide professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your business has several employees, opting for employee liability insurance is a great idea.
This kind of insurance protects your employees against any injury they may incur at the workplace.
Further, employer liability insurance can also provide disability benefits, missed wages and funeral costs.
What is the Price of General Liability Insurance?
The cost for general liability insurance is different across insurance providers. It depends on many different factors including the type of business you are operating.
For example, if you are running a roofing business, then the charge for your premiums will be higher than other kinds of businesses, hence you should explore AZ roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save cash if you pay for your insurance plan in full annually.
Furthermore, you can also save funds on your general liability insurance policy if you group all your policies under one insurance provider.
You should also minimize your company claims on your general liability insurance policy.
How to Look For General Liability Insurance Companies in Arizona?
When looking for the best general liability insurance company in your area, it is important to check the company’s reputation.
You should then choose your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is highly important that you choose the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance company to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.