You turn your back and someone does the 100-yard dash with your business laptop. You’ll need a replacement.
A tree unexpectedly falls on your shop’s roof.
Your HVAC unit stops working the day after the warranty expires.
A fire damages an exterior wall at your business and you have to close for three weeks during repairs.
Commercial property insurance in Arizona can help provide coverage for the physical assets you need to operate your business.
With this coverage, Arizona business owners may be able to submit a claim to get help with replacement, repair or reimbursement costs when certain types of accidents or emergencies occur.
Some examples of how commercial property insurance can help include:
Covered events for this insurance generally include water, fire and wind damage and man-made events like theft and vandalism.
Be sure to read your policy documents carefully. Coverage can vary between different industries, so it’s important to know exactly what is covered and excluded for your business.
When a covered event occurs, commercial property insurance can help protect the following assets:
Arizona commercial property insurance policies from NEXT can include four types of coverage:
Commercial property insurance can help pay for related costs if your furniture, equipment or inventory is affected by a covered event. This coverage is also referred to as business personal property insurance or BPP insurance.
Example: If you own an electronics store in Mesa and a burst water pipe damages some of your inventory, commercial property insurance can help pay for replacement or repair costs.
Your insurance can help cover lost income and other related expenses during a temporary closure due to fire, water damage or another covered event. This is also known as business interruption insurance or business income insurance.
Example: If your carpentry business in Tucson has to close for several weeks after an electrical fire in your workshop, commercial property insurance can help make up for the income lost during that time.
Arizona commercial property insurance can help with replacement or repair costs if your equipment is damaged due to a mechanical failure or power surge.
Example: If the HVAC system in a Scottsdale restaurant stops working due to a mechanical problem, commercial property insurance could help pay to fix it.
Your commercial property insurance can help pay for repairs to a building that you own and use for business purposes. If you’re leasing or renting a commercial space, you typically don’t need this coverage.
Example: If a tree topples over during a severe storm and falls on the roof of a Phoenix florist, commercial property insurance could help pay for the costs to repair the damage.
NEXT commercial property insurance policies cover damage to business property caused by fire, wind and hail. This includes damage resulting from certain weather events, such as:
Some man-made disasters, including vandalism and rioting, are covered as well. Although terrorism is not covered, it’s available as an optional add-on to your policy.
NEXT commercial property coverage does not extend to volcanoes or floods. Because the hard desert ground does not soak up water well, many areas of Arizona have a heightened risk of flooding. If you’d like to purchase flood insurance for your business property, it’s available as a separate policy through the National Flood Insurance Program (NFIP).1
Arizona businesses are not required by law to have commercial property insurance.
However, this type of coverage may be needed for certain business activities, like renting or purchasing commercial space.
Although Arizona business owners aren’t forced to carry commercial property insurance, many choose this coverage to help protect important physical assets. Commercial property coverage can benefit your business in a number of ways, including:
This type of Arizona business insurance can help pay for things like replacing or repairing damaged property if a covered incident occurs.
With business income insurance, you may be able to get help with lost income, moving and relocation costs and employee wages if you have to close temporarily after a covered event.
Some banks and lenders require you to have this insurance before they will approve you for a mortgage on a commercial property. Arizona business owners need to have business hazard insurance on buildings used as collateral to get loans from the Small Business Administration (SBA).
Arizona property managers may have a requirement for commercial property coverage written into their commercial leases.
Any business with physical assets, including buildings, equipment, inventory or furniture, can benefit from the protections provided by commercial property insurance. Companies in Arizona across a variety of industries use this business insurance to minimize financial risks.
Commercial property insurance can help protect businesses that operate out of brick-and-mortar stores or office spaces. Home-based businesses often have limited coverage through their homeowner’s insurance policy, but commercial property insurance can offer more complete coverage for inventory and business equipment.
Inventory coverage is also an important consideration for brick-and-mortar retail businesses. If products are damaged or stolen, it could lead to significant losses. Commercial property coverage can help reduce financial risk when a large amount of inventory is kept on site.
Arizona commercial property insurance costs are calculated according to a number of different factors. Although the total value of your bsiness property is the primary consideration, these variables are also taken into account:
At NEXT, we offer affordable insurance coverage for small businesses. Commercial property insurance costs $45 or less per month for 56% of our U.S. customers.**
Learn more about commercial property insurance costs.
NEXT provides Arizona commercial property insurance policies designed for small businesses and self-employed workers.
It only takes about 10 minutes to get a quote, review your coverage options, choose your policies and download a certificate of insurance.
Start an instant quote online today.
Our team of licensed insurance advisors is standing by to assist you if you have any questions along the way.
General liability coverage can help cover certain expenses if your business is involved in a third-party accident that causes property damage or injury.
If an employee gets hurt while on the job, Arizona workers’ compensation insurance can help pay for their medical expenses and lost wages. According to state law, all employers in Arizona must have workers’ comp coverage.2
If one of your work vehicles is involved in an accident, commercial auto insurance can help cover costs like towing, repairs and medical bills.
In Arizona, all business-owned vehicles must be covered by commercial auto insurance, with minimum coverage of $25,000 per person, $50,000 per accident and $15,000 for property damage.3
Professional liability insurance can help protect your business financially if a client claims that you made a professional mistake which cost them money. This coverage is commonly bundled with general liability insurance for more comprehensive protection.
Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.