You put your heart and soul into your business, so you naturally will do all that you can to protect it. This is why securing the right business insurance policy is integral to protecting both your commercial enterprise as well as your personal interests. If you have questions about types of coverage and what might work best for you, learn the answers to commonly asked questions below. 

4 Frequently Asked Questions About Business Insurance

What does business insurance cover?

There are many types of business insurance, each of which can offer different protection. General liability coverage safeguards you against lawsuits from third parties, like customers, while professional liability safeguards you against losses caused by your professional advice, which is applicable to professions like accounting and financial advising. Commercial insurance can also protect your property, equipment, and workers should any accidents occur. 

Do I really need liability insurance?

Liability coverage ensures that you have funding for lawsuits, whether you’re obligated to pay for medical costs, or you need help covering a lawyer’s fees. All businesses have some level of a legal risk. Additionally, you could be held personally liable in lawsuits depending on the type of business you have, and even seemingly minor lawsuits can be quite expensive. 

What is a business owner’s policy?

These policies are ideal for smaller businesses working with tighter budgets. BOP insurance packages have several types of coverage, including professional liability, property and equipment coverage, business interruption, and many other policies to provide comprehensive coverage to business owners. BOP insurance can often be customized to your specific needs. 

What insurance am I obligated to carry?

In Arizona, vehicles used for business purposes must be insured with commercial vehicle coverage. You’ll also need to purchase workers’ compensation for your staff in the event of workplace illnesses or injuries. If you lack workers’ compensation, you could be subject to fines and lawsuits. 

As a small business owner in Mesa, AZ, finding the right insurance products is crucial to protecting your investment. As a part of the Farmers Insurance® family, Mike Landry and the rest of the team at Landry Business Insurance Agency can help you select the perfect coverage for your business. Because Mike has more than 15 years of experience in the insurance industry, you can rest assured of quality service at every step. Request your quote online today or call (480) 275-4990 for more information.