The basics of Arizona contractor insurance include commercial auto and general liability insurance. You’ll also need to have surety bonds and a credit check. Read on to find out what else you need to know to protect your business. If you own your own company and plan on driving your own car to complete the job, you’ll need to get this additional coverage. This type of coverage will cover any damages to your company’s property.
Commercial Auto Insurance Is A Part Of Arizona Contractor Insurance
Commercial auto insurance is an important aspect of Arizona contractor insurance coverage. If you’re driving a company vehicle on the job, your personal auto insurance policy will not cover the damage. A business vehicle policy will protect your company from the costs of repairs and liability. Whether you need it to protect your customers or cover damages to your own property, commercial auto insurance is a necessary part of Arizona contractor insurance coverage. Arizona requires contractors to purchase this type of insurance to comply with state laws.
General liability insurance protects your company from third parties. It will cover medical expenses incurred by a customer, contractor or visitor to your business. It also protects your business from claims due to faulty goods or services. This type of insurance is especially important if your company has vehicles that it uses to make deliveries or transport materials. It is also recommended to carry commercial auto insurance for your employees. In addition to liability insurance, you should consider other coverage options for your company.
General Liability Insurance Is A Part Of Arizona Contractor Insurance
While general liability insurance is an essential part of Arizona contractor insurance, it isn’t the only type of coverage you’ll need. Arizona law requires all contractors to carry worker’s compensation insurance. This type of coverage will cover expenses, including medical bills and lost wages if you have an employee injured on your job. It’s also helpful to have in case you have to pay out a settlement resulting from a lawsuit.
In addition to covering your own employees, general liability insurance will also cover third parties. It will cover you if someone gets injured while working on a client’s property. It will also protect you from paying medical bills if someone is injured while on your property. It’s a necessary part of Arizona contractor insurance and is a must for every business owner. You can even get Arizona contractor insurance if you’re running a small company.
Surety Bonds Are Required
While Surety Bonds are required by law in most states, some may require an additional surety bond. This type of bond protects the public from financial loss in the event of a lawsuit. Arizona has specific requirements for this type of bond. The types of Arizona contractor insurance that require surety bonds are listed below. Here is a brief explanation of each type. Read on to learn more about the differences between contract and license bonds.
Surety bonds are required for contractors in Arizona for many different reasons. For example, if a contractor is working on a government project, they may need a surety bond. These bonds protect the public, and the surety can reimburse the obligee if the contractor fails to meet their contractual obligations. Arizona has many requirements for contractors, and surety bonds are an important part of Arizona contractor insurance.
Credit Checks Are Required
The cost of Arizona contractor insurance is determined by a number of factors. The amount of the bond varies, but the lowest premium is available to applicants with good credit. Otherwise, contractors with poor credit may pay a higher rate. In any case, the cost of the bond is a “soft hit” on the contractor’s credit score. The rates that are offered to customers are determined by other factors, such as the contractor’s years of experience, financial indicators, and credit score.
As a general rule, all contractors in Arizona must obtain bond insurance as a condition of licensing. Under the Arizona Revised Statutes, contractors must obtain a bond for each job. To avoid the license expiring, contractors must obtain and maintain the bond before the license expires. The bond amount varies depending on the type of license. In Arizona, a contractor license is valid for two years. When it expires, the license must be renewed.
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