Whether you employ a few hundred people or just a couple, it is imperative that business owners understand the regulatory landscape that they operate in – particularly when it comes to insurance. Having adequate insurance covered is a necessity for legal operation, but also provides safety, security, and peace of mind for the business owner. Specifically for business owners in Arizona, any company that employs or regularly hires at least one employee – regardless of whether they are full-time or part-time – is required to carry workers’ compensation insurance. As a caveat, there are several exceptions for independent contractors, seasonal workers, and domestic employees that only work from their homes. In short, workers’ compensation insurance helps pay for the medical bills associated with an injury or illness sustained in the workplace. In addition to workers’ compensation insurance, Arizona businesses must also have commercial auto insurance on any vehicle that is owned by the company. Although it is not required, business owners that require their employees to use their personal vehicles on the clock are strongly urged to have hired and non-owned auto insurance as personal auto policies are generally excluded from business use.
In addition to workers’ compensation and commercial auto insurance policies, businesses can also opt for coverage relating to losses due to cybersecurity incidents, professional negligence lawsuits general liability in the event that a visitor unaffiliated with the business is injured on company property.
At Old Pueblo Insurance in Oro Valley, AZ our talented team of insurance professionals are ready to answer your questions to assist in customizing a commercial insurance policy that exceeds the needs of your business. Give us a call today to schedule a no-obligation consultation.