Best Business Insurance in Arizona

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Contributor, Benzinga
Updated: November 30, 2021

The Grand Canyon State is famous for its breathtaking vistas, but Arizona also bustles with business activity. The state is home to over 500,000 businesses and that number grows by nearly 3% each year. Finding the best business insurance in Arizona offers an effective way to protect your business. The type of coverage you need depends on your business type and number of employees. 

Ready for a business insurance policy but don’t know where to start? Use our guide to find the best business insurance in Arizona.

Best Business Insurance Options in Arizona

We gathered the best business insurance options from trusted providers with an eye toward complete coverage for most industries.

1. Best Overall for Business Insurance: The Hartford

The Hartford is a national business insurance provider with over 2 centuries of service. It offers all you need to protect your Arizona business. 

The Hartford’s convenient business owners’ policy (BOP) bundles common coverage types into 1 policy that includes general liability insurance and business property coverage. You can also add protection customized for your business. 

Do you run a home-based business? The Hartford has you covered. For businesses with employees, you can add workers’ comp insurance and employment practices liability coverage. The Hartford lets you tailor your coverage to match your business needs. Just get a quote to customize your business coverage.

  • The Hartford Business Insurance
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    Same Day Coverage?
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    Online Application?
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    securely through The Hartford Business Insurance's website
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2. Best for Small Businesses: B2Z

Running a small business is no easy feat, and neither is finding the just-right policy for your business. B2Z is the digital solution for busy entrepreneurs, contractors, field operators, service industries and more. Get coverage you can customize to meet the unique needs of your business, fast -- B2Z will deliver a coverage decision in just a few minutes.

There's other ways that B2Z is built for the small business owner, too. First, B2Z will help ease the transition from your old policy to your new one by canceling your existing policy for you (so no hemming and hawing your way out of "please stay!" phone call with a pushy salesperson.) You can also choose your coverage start date, your payment schedule and manage your account (as well as file claims) on the go from their digital platform.

Need a little help choosing the right coverage? Diya, B2Z's digital assistant, is there to guide you through each step whenever you need some help.

B2Z offers the following types of insurance policies:

Get in touch with B2Z and get a quote today.

  • B2Z Insurance
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    securely through B2Z Insurance's website
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    B2Z is available in the following states: Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, lowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin.

3. Best for Selection: Progressive

You might know Progressive for its witty ads and low prices on personal auto insurance. The A+ financial-rated insurer also offers great rates for business insurance. Progressive works with affiliated insurers to offer a choice of up to 4 providers for your coverage. 

You’ll find options for the most common types of coverage including general liability, professional liability and workers’ comp coverage. Progressive also has a business owners’ policy that combines general liability insurance with protection for your business property. Commercial auto coverage can also be bundled.

  • Progressive Business Insurance
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    Same Day Coverage?
    Yes
    Online Application?
    Yes
    securely through Progressive Business Insurance's website
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4. Best for Fast Coverage: biBERK

biBERK is part of Berkshire Hathaway’s family of insurance companies. It specializes in business coverage and promises a simple 3-step process for instant coverage. Your Arizona business can save up to 20%. 

Choose from common insurance types like general liability or business property. You can also choose specialized insurance types like errors and omissions coverage or even an umbrella policy to extend your coverage limits affordably. Customized packages based on your profession are available.

  • biBERK
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    Same Day Coverage?
    Yes
    Online Application?
    Yes
    securely through biBERK's website
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Types of Business Insurance

It’s useful to understand how each insurance type can protect your business investment. Some types of coverage focus on liability while others protect property. Business insurance policies can also combine multiple types of coverage.

General Liability

Liability insurance for your business spans several insurance types. General liability covers broad risks like injuries to customers or visitors and accidental damage to the property of others. 

If a customer falls at your place of business and suffers injuries, your general liability insurance can help protect your business assets and future earnings. Most insurers offer general liability insurance as a standalone policy or as part of a BOP.

Product Liability

For businesses that make products or even those that distribute or resell products, product liability insurance is a must. Your product liability coverage can protect your business against losses due to defective or dangerous products if someone is injured by the product. 

Commercial Property

Business property can range from buildings to inventory, equipment and furnishings. Commercial property insurance protects these assets against losses due to common risks such as fire, theft, vandalism and more. Most insurers offer commercial property insurance as part of a BOP. It can also be purchased as a stand-alone policy.

Workers’ Compensation 

Arizona requires businesses with employees to carry workers’ comp coverage. This coverage provides a way to compensate workers injured on the job without regard to who was at fault for the injury. Sole proprietors aren’t required to purchase coverage for themselves but can elect to buy coverage. If your workers are contractors, the state doesn’t require coverage.

Professional Liability

You can think of professional liability coverage as insurance for people who give advice. If your business actions or inactions cause financial harm to someone else, your professional liability policy can help protect your business. 

Professional liability coverage spans a broad range of professions with specialized coverage tailored to the unique risks of the job. For example, malpractice insurance is a type of professional liability insurance specific to medical professionals. 

Professional liability can also protect businesses in other fields, including accountants, engineers or real estate brokers. You’ll also see professional liability insurance referred to as errors and omissions coverage. 

Cost of Business Insurance in Arizona

Business insurance premiums might be less expensive than you would expect. You can purchase basic liability insurance for about $50 per month or less. Rates vary based on business type, history and size. Rates can also depend on which types of coverage you choose. For some businesses, a general liability policy may be enough while other businesses may need property insurance or even specialized policies.

You can save money on your overall insurance costs by bundling coverage with the same provider. For example, it’s usually more cost-effective to buy a business owners’ policy that combines general liability and commercial property coverage than to buy these policies from 2 different insurers.

Ask your insurer which discounts are available. Some insurers also offer defined savings options such as trade group or customer loyalty discounts. 

Choose the Best Business Insurance

When you started your Arizona business, you wrote a business plan. The right business insurance package can help protect your business assets or even your future earnings when things don’t go according to plan. From weather risks to fires or even theft or accidents, your business policy can help you put the pieces back together again. 

To get started, compare quotes from trusted providers — but also be sure to compare coverages. Ask questions if you aren’t sure how your coverage works. You can adjust your coverage as needed, but you’ll want the best insurance in place if you do have a claim.

Q
Is business insurance required in Arizona?
A

Only workers’ compensation is required by law in Arizona. Otherwise, the type of insurance you need depends on the nature and size of your business.

Q
How much does business insurance cost in Arizona?
A

This ranges widely from business to business and depends on a number of factors including your location, risk factors and more. That being said, most policies in Arizona tend to range from $300 to $1,000 according to our quote comparison research.