Commercial Insurance in Arizona

Whether you run a repair shop or a photography business, as a business owner, you know you need some sort of insurance. 

We’ve put together this guide to help you find the right insurance companies and quotes for commercial insurance in Arizona. 

Get a Custom Quote in Arizona

No matter what type of business you own in Arizona, your insurance needs are unique. Getting a quote is the best way to see what’s right for your business.

Best Commercial Insurance Options in Arizona

A good insurance policy must come from a good insurance company. Here are some of the best insurance companies available in Arizona.

Best For

• Comprehensive coverage/Business Owners' Policy

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securely through The Hartford Business Insurance's website

Best Overall for Commercial Insurance: The Hartford

If you’re looking for an experienced insurance company that can offer you a wide range of coverages, The Hartford is a great choice. 

The Hartford is knowledgeable about the insurance requirements your business may be held to in Arizona, such as workers’ compensation policies. This insurance company also offers a comprehensive business owner’s policy (BOP), which combines business income insurance, business property insurance and general liability insurance into a single policy. 

If your business needs more coverage, you have several options to choose from, including commercial umbrella insurance and professional liability insurance.

compare quotessecurely through Allstate – business's website

Best for Commercial Auto Insurance: Allstate

Allstate is an experienced provider that can work with your business to understand what may be required when it comes to your commercial auto insurance policy. Even if Arizona doesn’t require certain coverages, if you’re leasing or financing your business vehicle it may be required by your lender. This is where Allstate’s experienced agents can help you out. You can match with a local agent who understands exactly what your business needs and advise you on the most affordable way to fully cover your business. 

Best For

• Commercial liability insurance

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Best for Commercial Flood Insurance: Farmers

When you purchase commercial flood insurance, you can rely on coverage and rates that won’t change if you switch providers. Even so, Farmers is a top insurance company to consider. You can work with your local agent to figure out the types of flood insurance that may be useful for your business. 

Your agent with Farmers can run a flood zone determination on your property. Depending on if your business is considered to be in a high-risk or low-to-moderate risk zone, there may be different recommendations for your business’s policy. 

Your Farmers agent can also help you determine whether your business needs building property coverage, or coverage just for the contents within your business’s building.

Best For

• Small businesses with both part and full-time employees

compare quotessecurely through Hiscox's website

Best for Commercial Property Insurance: Hiscox

Hiscox is a sought-after insurance company for many small businesses. This company specializes in small business and what makes each business different. 

When it comes to your commercial property insurance policy, Hiscox can tailor a policy that is sure to cover exactly what it is that helps your business thrive. A commercial property insurance policy from Hiscox offers coverage for your business equipment, personal effects, electronic data, valuable papers and records and more. It can even help out if there is an interruption of your business’s computer operates or lost business income due to a covered claim.

Best For

• Bundling commercial policies

get startedsecurely through Progressive Workers Comp's website

Best for Commercial Cyber Insurance: Progressive

Progressive is well-versed in what is needed for commercial insurance policies. A commercial cyber insurance policy from Progressive will be tailored with your business in mind. 

If you only need a small amount of coverage, Progressive may be able to add it to your other policies. It can also help you determine if your business needs more cyber insurance coverage. In these cases, Progressive can offer both 1st-party and 3rd-party coverage for your business.

Cost of Commercial Insurance in Arizona

As a business owner, you know that cost can play a huge factor in your insurance decisions. It’s important to understand that commercial insurance policies are unique to each business. 

The cost (often referred to as the premium) of your business’s insurance policy will depend on a number of factors, including:

• Claims history. Insurance companies may want to know about your business’s claims history. This can give an insurance company an idea of the risks your business has faced in the past. It may also give insurance companies a glimpse into how you run your business and if good safety practices are commonplace. All of these things can help insurance companies assess the risk your business faces in the future, which can determine the coverage and premium it will offer your business.
• Location. We already know that your business is located in Arizona, but insurance companies will want to dig a little deeper. If your business property is located in an area that is more prone to hazardous weather conditions, this could alter the premium of some insurance policies. 
• Risks. Risks play a huge part in determining the cost of your policy. If your business is relatively low-risk, it likely doesn’t need as much coverage as a high-risk business. For example, if your business operations involve employees mostly working at stationary desks, there is likely a lower risk than if employees operated heavy machinery regularly. Your business’s risk level can also affect the likelihood of your business facing certain claims. The premium of your policy can reflect all of these possibilities. 

Even though we can’t tell you exactly what your commercial insurance policy will cost, there are some numbers we can provide. Some insurance companies do publish average costs to give businesses some idea of how much an insurance policy can cost. 

Progressive has reported some of its national average commercial insurance policy costs. In 2019, Progressive reported that the national average monthly cost for its commercial auto insurance policies was $183.

Even if this seems pricey for your business, there’s no need to worry. There are several ways you may be able to lower the cost of your commercial insurance policies.

• You may be able to alter the coverage limits of your insurance policies. Your coverage limit is the maximum amount of money an insurance company will pay out for covered claims during your policy year. By lowering a policy’s coverage limit, you may be able to lower the premium of the policy. 
• It may also be possible to lower the deductible of your policy. Your deductible is the amount of money your business must pay out-of-pocket for covered claims. After you’ve reached the deductible of your policy, your insurance company will begin paying out for covered claims. Raising your deductible may lower your policy’s premium.
• Most insurance companies offer the option to bundle coverages into a single policy. This can make your policy easier to manage and easier on your business’s finances as well.
• Some insurance companies may also offer discounts, such as if you pay for your policy’s premium in-full. Don’t hesitate to ask an insurance company if your business may be eligible for any discounts.

Types of Commercial Insurance

When it comes to insurance, it’s important to find the types that are best suited for your business practices. Here are some common types of commercial insurance that your business may want to consider:

Commercial Auto Insurance

Like personal auto insurance, commercial auto insurance offers protection for both your vehicle and injuries that may arise from accidents involving your vehicle. A typical commercial auto insurance policy will cover damage to vehicles that are used for your business practices and damages to someone else’s property if it involves those vehicles. It also includes coverage for injuries that are suffered by the driver of a covered vehicle or injuries to someone else involved in an accident involving a covered vehicle. 

Commercial auto insurance policies can vary depending on the company that provides the policy. Keep a close eye on the types of vehicles that are covered by each policy you consider. Covered vehicles may include cars, SUVs, pickup trucks, box trucks, service utility trucks, food trucks, semi-trucks and tractor-trailers.

Commercial Flood Insurance

Flood insurance is not typically covered by other commercial property insurance policies. This type of insurance coverage is specifically designed to help your business recover financially from damages to your building or its contents that occur due to flooding. 

Commercial flood insurance is a unique type of commercial insurance because the rate and coverage options will not change between companies. Both the coverage and rates are set by the National Flood Insurance Program and offered through various insurance companies.

Commercial Property Insurance

Commercial property insurance policies offer coverage for several of the physical aspects of your business. This includes your business’s building, fencing, landscaping, outdoor signage, equipment, furniture and inventory. Your business will receive financial coverage for damages that occur to these physical properties due to fire, lightning, wind, hail or acts of vandalism.

Commercial Cyber Insurance

Commercial cyber insurance is important coverage to consider if your business uses electronic communication devices for business practices. These policies offer 2 types of coverage:

• To protect data that is owned by your business, you’ll need 1st-party cyber insurance coverage. This will protect your business from financial loss due to issues such as data breaches and cyber extortion. 
• For financial protection against lawsuits that occur due to a cyber incident, your business needs 3rd-party coverage. This will help you handle the costs of defending your business in a lawsuit if it is held liable for data breaches or improperly secured data systems.

Find the Right Policy Today

To find the right policy for your business, it’s important to pair with the right insurance company. Getting a custom quote can help connect you with insurance companies that can offer the insurance coverage your business needs. Start with our list to find the best commercial insurance in Arizona today.