AZ Commercial Insurance Requirements

For business owners in Arizona, insurance is a key method for safeguarding and protecting the investment you’ve made in your business, people, and assets. Specific to Arizona, there are several types of insurance coverage that are mandatory with many more that are optional. First, Arizona law requires that any business that has at least one employee – regardless of whether they are full-time or part-time – must carry workers’ compensation insurance. In short, workers’ compensation insurance helps protect the business from financial loss while also providing key benefits to your employees by paying for their medical bills or time missed at work because of a workplace injury or illness. Second, any vehicles that are specifically owned by the business must have a commercial auto insurance policy. Although it’s not a requirement, businesses that require their employees to use their personal vehicles while on the clock should strongly consider hired and non-owned auto insurance because many personal auto policies will not cover incidents that occur during business use. 

While businesses are only mandated to have the minimum coverage required by Arizona, factors like the number of employees, the type of work being done and the value of the business lead many companies to increase their coverage amount to ensure any financial loss is kept to a minimum. 

When it comes to finding the right insurance policy, it is important to understand every insurance complexity. Consequently, working with one of the professionals at Genesis Insurance in Phoenix, AZ allows our team to customize a commercial insurance policy that covers all of your needs. Give us a call today to schedule your no-obligation and complimentary consultation.