BUSINESS INSURANCE ARIZONA
Arizona Insurance License: 965711
According to the Arizona Commerce Authority website, the Grand Canyon State’s corporate income tax will decline 30 percent by 2017. This is just part of its business-friendly tax environment (Arizona also has no franchise tax, business inventory tax, or estate tax), and when you combine that with its direct access to three major world markets (California, Texas, and Mexico), it’s no wonder why an entrepreneur would want to set up shop there.
The climate (300 sunny days a year!) and the low risk for natural disasters also don’t hurt. But before you stake your claim on Arizonian soil or expand your existing business, you need to purchase a small business insurance plan that can keep up with your ambition.
Arizona Business Insurance Savings Tips
- Professional Liability Insurance is not a policy most small-business owners can afford to overlook. It helps you pay for lawsuits that spawn from your or an employee’s professional mistakes (or perceived mistakes!). Without this policy, you could have huge legal bills to cover.
- Umbrella Insurance is a great way to boost the protection power of liability policies – including General Liability and Commercial Auto – whose limits would be exceeded by worst-case situations. And at only a few hundred dollars a year, this policy as the potential to save you thousands.
- Whenever you can, bundle insurance policies. One common way for startups to do this is called a Business Owner’s Policy, which combines General Liability Insurance and Commercial Property Insurance into one discounted package.
Workers’ Compensation and Dram Shop Laws in Arizona
Certain types of business insurance, such as workers' compensation, are regulated by state law. In Arizona, employers must purchase workers’ compensation insurance for any regular employees. That includes part-time workers, minors, aliens, and family members in addition to full-time workers. An employer that does not carry workers' compensation insurance in Arizona is guilty of a Class 6 felony.
Most states have dram shop laws – including Arizona. In Arizona, a business could be held liable for injury or property damage caused by an intoxicated individual who was a minor or obviously intoxicated at the time the alcohol was sold or served. Liquor liability insurance can help cover medical fees and the cost of damaged property, along with legal expenses arising from a lawsuit.
Arizona Business Insurance Licensure Information
In Arizona, insurance agents and agencies are licensed by the Arizona Department of Insurance. Insureon is licensed in Arizona as BIN INS HOLDINGS LLC (NPN 15752926) for Property & Casualty Insurance (License #965711) and for Surplus Lines (License #965711). You can verify our licensure with the Arizona Department of Insurance Producer Search by entering our Arizona State License Number (965711) into the field marked "Search by License Number."