Who Needs Commercial Insurance?

Owning a small business is a dream for many people.  For those that are in the Tucson, AZ area, making sure that the business is properly insured is very important.  While there are situations in which having some types of insurance may be elective, there are other situations in which having insurance is a requirement by law or under a different agreement.

Worker’s Compensation

One situation in which you will need to have commercial insurance is if you have employees.  In the State of Arizona, workers compensation insurance is a requirement to have even if you have only one employee.  Workers compensation will provide you with coverage in the event an employee is injured while they are on the job.  Not having it in place could lead to significant penalties.  

Property Coverage

If you own your own business property, you will also be required to carry property coverage. This type of insurance will provide you with financial protection for the building and the contents inside of it. Your mortgage lender will normally require carrying property insurance  Furthermore, if you lease the property, you may be required to carry insurance in the name of your property owner.  

Liability Coverage

If you have a bank loan, the lender may also require you to carry liability coverage. Liability coverage will provide you with coverage in the event you are found liable due to an injury that occurs at your place of business or if someone is hurt through the use of your product or service.  

For those that are in the Tucson, AZ area, choosing the right commercial insurance policy is very important. Due to the complexity of commercial insurance, meeting with Castillo & Associates Insurance could be very helpful. Castillo & Associates Insurance will work with you to help you better understand your insurance needs and make sure you get into the right policy.