Arizona ranks second in U.S. job growth, boasting 550,000 small businesses that employ nearly half of the state’s workforce. The state also ranks second in workforce quality and availability.
Do you own a small business in Arizona? If so, you may need commercial auto insurance, which protects your business and your business vehicles. Although your employees always strive for high standards of safety, accidents can still happen.
In Arizona, you’re required to carry commercial auto insurance to cover and protect your small business should any collision or auto damage occur.
Having insurance protects your small business when a company-owned vehicle is involved in a collision or is otherwise damaged. Typically, coverage includes company-owned vehicles, but it can also include personal vehicles used for business.
If your Arizona business owns more than nine vehicles, you may be able to obtain self-insurance or a certificate of deposit if you express financial responsibility. These options tend to be more challenging, so it’s typically safer and easier to purchase commercial auto insurance.
The type of insurance you need will depend on the dimensions and intended uses of the vehicle, as well as other factors outlined below.
Read on to learn what you need your commercial auto insurance to cover, as well as how to protect your employees and your small business in the case of a car collision or other business vehicle accidents.
Commercial auto insurance protects your business from any liabilities created by work-related vehicular accidents. It also protects your assets and drivers.
A typical commercial policy in Arizona can include:
This insurance is meant to repair any damage caused by your business’ vehicles. It’s required by law in Arizona to have this coverage. It can also be used toward coverage of the damaged party’s medical bills.
This insurance covers any repairs needed from damage to business-owned vehicles, regardless of who was at fault during the collision.
This type of insurance is often known as coverage for “everything other than collision.” This can include any damage to your vehicle that wasn’t a result of an accident, including wildlife damage, a fire, etc.
If you or one of your employees is involved in an accident with someone who’s underinsured or doesn’t have car insurance, you may find it challenging to pay for the vehicle repairs and potential medical bills the collision may have caused. This coverage helps pay for those expenses.
Owning a business comes with risks, as does operating a vehicle. Together, you’re facing greater risk as a small business owner. Even the safest driver can find themselves in circumstances out of their control, and no one wants to be stuck paying the cost of repairs from their own pocket.
Commercial auto insurance can help you avoid this outcome and keep your small business running smoothly, even when accidents happen. Need commercial auto insurance for your Arizona small business? Get a quote!
Thanks for reading! Please note that this content is intended for educational purposes only. As best practices change regularly, you should refer to your trusted advisor for specific counsel.
