It’s important to have the types of commercial insurance when you run an Arizona business. Two types of insurance are required for many companies. You need to know what these are and whether they are required for your specific business. When you need commercial insurance, contact us at Homeowners Insurance Group in Scottsdale, AZ to find out more.

Required Commercial Insurance

Workers’ Compensation Insurance

When your Arizona business has one or more employees, you must have a worker’s compensation policy for them. This is true even if your employees are part-time. Even one employee means this insurance is required. It protects your business by paying for expenses like medical bills after an employee gets injured or ill on the job. These bills can be extremely high, so it’s never a good idea to go without this insurance. If you have casual workers, occasional help, independent contractors, or domestic workers in a home, these workers aren’t required to be covered by this insurance.

Commercial Auto Insurance

In Arizona, any business that owns a vehicle is required to have a commercial auto insurance policy for it. This is a policy that contains both bodily injury and property damage liability. The state doesn’t require much coverage for liability, however, and it’s usually recommended to get more than the minimum. You may also want to get collision coverage in your policy. This will pay for your own property damage if you cause an accident.

Extra Coverage Options

In addition, there are other types of commercial insurance that are very helpful but aren’t required. You may want to get cyber insurance if you have an online business. You may want general liability or a business owner’s policy as well.