Top 5 Dangers Commercial Insurance Can Help Protect You From

Every business faces a variety of risks and dangers.  Commercial insurance is the answer to mitigate many, if not all, of the present risks.  As a business, it is up to you to ensure you have adequate protection.  Working with Castillo & Associates Insurance, you can protect your Tucson, AZ business from the five most common dangers.

1. Interruption of Business – One of the most common dangers you will face as a business is known as business interruption.  This is when your business is unable to function for a certain reason.  Say a disaster strikes and you lose income because of business downtime, commercial insurance can protect against that!

2. Loss of Property – Loss of property is another common danger every business faces.  The property of your business could include your office space or even your physical assets, such as inventory, heavy equipment, etc.  Commercial insurance can provide property coverage.

3. Liability and Injury – You never know when you will end up with an injury at your business.  If it is your own employee, commercial workers’ compensation insurance can help protect you.  If it is a customer, liability coverage as part of your commercial insurance policy will keep your business in a state of protection.

4. Breach of Data Security – Do you fear a data security breach at your business?  Businesses of all sizes can be brought down with one hack and commercial cybersecurity insurance is the answer.  

5. Liquor Liability – If you run a restaurant and serve alcohol, liquor liability insurance is a must-buy as part of your commercial insurance coverage suite.

You face so many dangers as a business.  It all comes down to how you analyze your insurance needs and follow through with binding coverage.  Serving Tucson, AZ, Castillo & Associates Insurance can help analyze your risks and firm insurance needs.

Commercial Insurance Mistakes You Can’t Afford To Make

At Castillo & Associates Insurance, we have seen too many Tucson, AZ businesses make commercial insurance mistakes over the years. These common errors are understandable, but they can cost you money and ruin your coverage effectiveness.

Not Covering All Of Your Properties 

Did you check your policy to make sure that every piece of property you own was insured? If not, you are going to be in for a rude awakening when something happens to an uninsured item. Just because you insure your business, that doesn’t mean everything will be protected. Make sure you get specific coverage on every piece of property to avoid this problem. 

Ignoring Business Income Insurance 

Failing to insure your business income is a significant issue because it can help to protect you against loss of income when your company is unable to operate. For example, let’s say that your building suffers from a fire or vandalism. Your average commercial insurance will cover the cost of these repairs. However, without income insurance, your loss of finances won’t be covered. 

Paying Too Much 

This point may seem obvious on its surface. However, too many businesses insure their businesses for more than they are worth. For example, some buy a $2 million policy in property insurance for a $1 million company. Guess what? You can only ever get the value of your business back in a plan. Don’t waste your money on excessively covering your business but fine-tune your policy to meet the demands of your company.

Avoiding These Mistakes 

If you live in Tucson, AZ and need a company who can help you avoid these mistakes, contact us at Castillo & Associates Insurance. We cover Tucson and the surrounding areas and can provide you with high-quality policies that meet your needs. 

The Benefits of Having Commercial Insurance

If you own your own business, there is no getting around it — you are going to need to invest in commercial insurance. You may think to yourself that you only own a small business, so therefore there is no reason to put commercial insurance on it, but the truth is, you will still benefit from having this type of protection. In fact, the peace of mind that it can give you in itself is enough reason to purchase it. For now, let’s take a quick look at the benefits of commercial insurance for your company. 

It may be required by law

In some states, you are required by law to have commercial insurance. There are, of course, certain pieces of criteria that decide whether or not you need this type of insurance, such as the number of employees you have. With this in mind, it is always a good idea to speak with an insurance specialist to determine whether or not your business is required by law to be protected with commercial insurance. 

Keep your company going during a disaster

What happens if your business floods and all of your products are ruined? How will you continue paying your employees and restock your shelves? With commercial insurance, you can have peace of mind in knowing that in the event of a disaster, you will still be able to stay afloat. 

If you would like to learn more about the many benefits of protecting your business with commercial insurance, please do not hesitate to reach out to us today at Castillo & Associates Insurance serving the Tucson, AZ area. 

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.  

Top Commercial Insurance Coverages all Businesses should Consider.

All businesses are different, and as a result, there is no one policy fix all solution when it comes to insuring your business. It is important to work with an agent to come up with a customized solution for your business. As a Tucson, AZ business owner, you should certainly consider each of the following policies to protect your business.

Professional Liability

Professional liability is also referred to Errors and Omission insurance, and it protects your business in the event a claim is made against you asserting that you made a mistake that resulted in harm to a third party. Due to the fact that each industry is unique; a professional liability will be geared to cover the potential claims that are common E&O Claims in your industry. You agent at Castillo & Associates Insurance can help guide you to the correct policy.

Property Insurance

Just because your business leases space does not mean you do not need a property insurance policy. A property policy will protect your equipment and inventory in the event of a loss.

Business Interruption

If a catastrophic event were to occur that prevents your business from operating, a business interruption policy could reimburse you for loss of income during this time. This coverage is essential for companies with a retail location.

Home-based businesses

If you are running a business out of your home, you need to speak to your agent about coverages for home based business. If you are relying on your homeowner’s policy to respond in the event of a loss, you may find yourself without coverage.

If you are interested in learning more about commercial insurance policies, please reach out to us at Castillo & Associates Insurance so we can help design a custom solution right for your business. We proudly serve the Tucson, AZ, area.

Are there businesses that don’t require commercial insurance in Tucson?

Do you need commercial insurance in Tucson, AZ? That depends on a few factors. It comes down to industry and scale. In other words: What do you do for a living, and how much are you making doing it?

There are a lot of businesses that, for more people in that line of work than not, will never really require any commercial insurance, for instance:

  • Consulting
  • Many forms of freelancing such as web design and programming
  • Small side businesses like selling art on Etsy

It comes down to this: Does your business have a physical location that is not covered by some other form of insurance, like a homeowner’s policy? And do you have enough in business assets to be worth covering?

A commercial policy is primarily for covering the physical assets of your business. There are other forms of insurance that can help you to protect, for insurance, intellectual property, or to protect the time and money you’ve put into software development should your code be compromised. Commercial insurance is there to make sure that if you suffer a fire or theft or other damages at your Tucson, AZ business, then you will have a safety net there to catch you and help you to recover.

If you are ready for a commercial policy, Castillo & Associates Insurance may help to connect you to a commercial policy that will cost you far less than you might expect. So if you’re ready to take the step, if your business has expanded to the point that it needs commercial insurance coverage, don’t hesitate, give Castillo & Associates Insurance a call.

Getting the Best Deal: Using Commercial Insurance to Your Advantage in Tucson

Amidst all the costs a business owner may have to deal with on a daily basis, the last thing they may want to think about is just how much money they’re paying to insurance. If you’re thinking about getting a new policy, it’s probably not the most fun task on your list. However, insurance serves a very valuable purpose, so if you can simply re-frame the situation, you may find that you’ll feel better about the costs. 

All the Threats 

There are so many threats out there for a business, and it just takes one terrible day (or night) for people’s worst fears to be realized. It’s in these critical moments that knowing you’ve taken all of the steps to protect your livelihood was the right choice. But again, you don’t have to wait for that time to know you made the right decisions. From less-than-trustworthy employees to sheer natural disasters, there’s far too much out there to take the risks on. You can also define the biggest risks you feel your business may suffer from, and get additional coverage on the preparation you’ll get should there be damage. That’s what it really means to get the best deal. 

Paying the Price Now 

Essentially you have to look at insurance in that you’re paying the price now rather than when things have gone wrong. The truth is you may not have the funds to cover the expenses that might be necessary to put your business back to where it needs to be. We’ve seen it too many times, and we do not want it to happen to anyone else. Castillo & Associates Insurance serves Tucson, AZ, and we’re here to help you see the value rather than the expense of commercial insurance, so call us today if you need any additional convincing.