A Guide to Business Insurance AZ

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Larson Wealth Management LLC
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A Guide to Business Insurance AZ
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• While many people are familiar with home
  insurance, many are unaware of the importance of
  business insurance. If you have your own company
  or are planning to start one soon, its essential
  to make sure youre protected against lawsuits,
  natural disasters, and other types of liability
  that could derail your company before it gets off
  the ground. To learn more about business
  insurance in Arizona options and how they can
  help protect your company, continue reading
  below.
• What is Business Insurance?
• Business insurance is a type of insurance policy
  that protects your company from financial loss
  caused by lawsuits, natural disasters, accidents,
  and other unexpected occurrences. Business owners
  have several options for choosing a business
  insurance planincluding liability coverage,
  property coverage, workers compensation
  coverage, general liability insurance policies,
  and more. To decide which type of policy is best
  for your needs, you need to understand how
  business insurance works and what different types
  of policies do. You can start by comparing
  business insurance quotes with coverages that
  fit your budget at instant quote engine. It only
  takes three minutes to get an auto insurance
  quote onlinewhy not take a few minutes out of
  your day to see how much money you could save on
  business insurance?

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How Much Does Business Insurance Cost?

• Business insurance is a strange beast. Most of us
  understand that insuring our homes and cars makes
  sense They cost a lot and would be hard to
  replace if damaged or destroyed. But, when it
  comes to business insurance, many entrepreneurs
  wonder how much it costs. After all, most people
  never expect their homes or cars to be damaged or
  destroyed eitheryet we still take out homeowners
  and auto policies. The reason for that is simple
  Because things do go wrong. Homes burn down
  automobiles get into accidents businesses fold
  unexpectedly. Its not pretty, but these events
  happen regularly, at least once every year, on
  average (and sometimes more). And even though you
  may know that risk exists, there are situations
  where you cant fully anticipate what might
  happen, which makes business insurance important
  for any small business owner who wants to protect
  their operation.
• With business insurance, you can minimize your
  risks and ensure your company isnt crushed by
  one (or several) unexpected occurrences like
  theft losses, lawsuits, natural disasters, or
  employee injuries. This guide will help you
  figure out precisely what type of coverage your
  small business needs so you can develop an
  effective plan for protecting yourself from risk
  as a small-business owner in Arizona.

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Do I Need Business Insurance?

• Some states and industries require specific types
  of business insurance or face strict requirements
  for businesses that do not have it. Fortunately,
  most business owners in most places dont need
  specialized coveragelike life insurance for
  their employeesunless they want to have it. If
  you do need additional business insurance
  inArizona, be sure to shop around. You can find
  many different providers with different packages
  and rates so getting quotes from multiple
  insurers is a good idea even if you think your
  current insurer is reasonable. When comparing
  policies, pay close attention to deductibles,
  which are what youll have to pay before coverage
  kicks in when something goes wrong. That way,
  youll know exactly how much risk you are taking
  on when deciding whether or not more business
  insurance is right for your company.

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What Does Business Insurance Cover?

• The basic premise of business insurance is that
  it covers you against financial loss if you
  become legally liable for something that goes
  wrong in your company. For example, lets say one
  of your employees hits someone while driving for
  your business and gets sued. If you dont have
  enough liability coverage, you could end up
  having to pay out of pocketand lose money even
  if you win in court. Things like insurance are
  boring, but its essential not to overlook them
  when starting a new business. It would help if
  you also considered buying small businessumbrella
  insurance. It wont cover every potential
  disaster, but it can be well worth it as an added
  layer of protection.
• One more thing When shopping around for business
  insurance policies, do some research on specific
  terms used in different policies many companies
  offer similar products with subtly other
  limitations and exclusions. Make sure you know
  what those differences are before signing on!
  (Small Business Trends has an excellent guide
  here.)

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What is Liability Coverage?

• To function in todays business world, a business
  needs three kinds of insurance
  property/casualty, liability, and workers
  compensation. However, a company needs to
  understand each type of coverage and
  independently. Liability insurance covers a
  business when a customer or another third party
  suffers an injury that your company is
  responsible for. There are two types of liability
  coverage general liability and specific
  liability. General Liability takes care of many
  different incidents, including slip-and-fall
  accidents, defective products, and
  slander/libel/defamation cases. In contrast,
  Specific Liability protects against losses from
  dog bites or other animal bites, as well as
  injuries from gun discharges or watercraft
  accidents.

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What is Workers' Compensation Coverage?

• Workers compensation is an insurance policy that
  protects employers from costs related to injuries
  sustained by employees at work. It can cover
  medical bills, wage replacement, and
  rehabilitation for injured workers. Each state
  has different rules regarding what employers must
  provide under their workers compensation
  programs most states also allow self-employed
  people to buy into a separate program that offers
  benefits similar to those offered through
  employment.
• To determine if you need it and how much coverage
  you should buy, consider these four factors
• Where your business is located
  (geographic location)
• Where your employees work (workplace
  location)
• How many people do you employ (employee
  count)
• What type of work do your employees do
  (job description)

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• For example, in Minnesota, self-employed business
  owners are required to carry 10,000 worth of
  coverage. An independent consultant in Scottsdale
  who works with small businesses would likely want
  more than thatit may be closer to 50,000. This
  depends on how often she meets with clients
  face-to-face in person or via telephone versus
  emailing drafts back and forth or sharing
  documents online like Google Drive or Dropbox.
  Ultimately though, when deciding on your business
  insurance package, remember you get what you pay
  forso make sure theres enough coverage in
  place, so no one is left without benefits if
  something unfortunate does happen on company
  time.

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Contact Us -

• Address - 4500 S. Lakeshore Dr., Suite 364 Tempe
  AZ 85282
• Phone - [phone]
• Email - don_at_larsonwm.com
• Website - https//larsonwm.com
• Blog - https//larsonwm.com/a-guide-to-business-in
  surance-az/