Municipality and County Insurance, Arizona

As society changes, municipalities and counties within the United States face new challenges each and every day. This is particularly true in Arizona, where many towns and cities find themselves with increasing populations and an ever-changing socioeconomic picture. Just like individuals, towns and cities in the state need to have various forms of insurance protection in the event something happens and a claim is filed against them. Whether it’s Flagstaff, Show Low, Alpine, Prescott, or many other locations in the state, there are many kinds of insurance for municipalities in Arizona.

Law Enforcement Liability
Police departments are some of the most important parts of local government, and are also vulnerable to a variety of situations where insurance protection may be necessary. Law enforcement liability insurance gives police department’s protection in the event a claim is filed against them regarding their actions during the line of duty, and also helps to protect the town or city against litigation.

Workers Compensation
One of the most important types of insurance for municipalities in Arizona, workers compensation allows employees who are injured on the job to be compensated for their injuries, while also helping pay for medical treatment and other related expenses. While helping injured employees, it also benefits the town or city by helping to limit the amount of damages they are obligated to pay out for an injury sustained on the job.

Employment Practices Liability
If and when an employee claims they were treated unfairly on the job, employment practices liability insurance can help protect a city or town if litigation is brought against it by the employee. This type of insurance for municipalities in Arizona can provide funds in the event an employee successfully shows unfair employment practices were committed against them while employed by a city or town such as Payson, Jerome, Wickenburg, or others within the state.

Equipment Breakdown
Towns and cities have millions of dollars invested in equipment used to repair streets, build and maintain facilities, and fix other problems that may happen over the course of their work. Equipment breakdown insurance can help protect the investments made in this equipment, giving the localities protection in the event the machinery breaks down and needs costly repairs or must be replaced.

While insurance is something that few people ever want to use, having it can bring tremendous peace of mind. This applies not only to individuals, but towns and cities as well. Through these various types of insurance for municipalities in Arizona, the necessary safeguards can be in place if they are ever needed.

Best regards,
Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

High Net Worth Insurance, Arizona

While people who have achieved a high level of income can rest assured that their basic needs (and more) are well covered, great wealth also brings with it other concerns that must be addressed. One of the concerns of the wealthy (besides concerns about the volatility of the stock market) is whether or not they have the right level of insurance to protect their property. For individuals in Arizona, those concerns go to the specifics of the kind of insurance that can be obtained. For high net worth individuals looking for insurance in AZ, there are several issues that must be entertained.

Types of Insurance Available for Wealthier Clients

Arizona has a high number of citizens who have a higher net worth. Many individuals with high net worth and property holdings choose Arizona as a place to retire, as the state has a welcoming feel for these types of people. What this means for insurers in Arizona, however, is that their client’s needs should be addressed, as far as asset management goes.

Life Insurance

High net worth individuals looking for insurance in AZ should consider having a financial planner review their life insurance policy, to ensure that it meets all of their family’s current needs. As life and ones net worth change, it’s important to assess a policy so that it can be counted on to protect one’s family, one’s lifestyle and one’s assets. A solid policy can also help to offset payments on estate taxes, which may be a serious issue for high net worth individuals looking for insurance in AZ. An individualized approach to putting together the right coverage for a wealthy family is the best bet, and this can only be done with guidance from an insurance agent who specializes in financial management.

Priorities to Consider for Higher Wealth Individuals

Many wealthy individuals in Arizona and elsewhere are putting more and more of their money into tangible assets, like jewelry, art and collectible pieces, as these items can hold their value even as the financial markets become volatile. The issue in having wealth in these kinds of assets, however, is that they must be documented and protected with the right types of insurance in order for the owner to capitalize on their value.

For high net worth individuals looking for insurance in AZ, again, finding an insurer with experience in wealth management and in protecting tangible assets is a smart idea. A good insurer will know that in order to protect a tangible asset, its value and authenticity must be documented by a reputable appraiser. These assets must be appraised on an ongoing basis, too, as markets change. This type of documentation will also protect a wealthy owner from fraud and from unforeseen taxes as pieces are handed down through generations.
Having great wealth in Arizona does bring with it certain responsibilities. What really matters, ultimately, is that high net worth individuals looking for insurance in AZ take the time to do solid research and find the right insurance experts to guide them into plans that will protect their assets for themselves and for their families.

Best regards,

 Gary Hanson

Professional Insurance Strategies, LLC

6708 W. Bethany Home Rd

Glendale, AZ 85301

 

ghanson@proinsgroup.com

602-481-0161

623-551-6716 Fax

 

Arizona Workers Comp Assigned Risk Pool

Many businesses in Arizona are required to provide workers’ compensation coverage to their employees per the law. This is coverage that may pay for medical expenses, time away from the job and more in the event of an injury accident or another similar event on the job. While most businesses will be able to provide their employees with the coverage that is required by law, others will not qualify for coverage through a typical plan due to a number of potential reasons, and they may be placed in an Arizona workers comp assigned risk pool.

What Is the Assigned Risk Pool?
If your business is unable to qualify for a private workers compensation insurance plan and you are unable to provide the required coverage for your employees, you will be placed in an Arizona workers comp assigned risk pool. This essentially means that you will be required to pay for the coverage offered to the pool rather than get more competitive rates and better plan options by shopping around. Generally, the rates offered to the assigned risk pool are less attractive, but this does give you the ability to comply with the legal requirement for coverage.

What Are Your Options in the Assigned Risk Pool?
When your business is placed in the assigned risk pool, this may be because your business participates in a high-risk activity or for another reason. There is always the option to identify why your business has been denied coverage through other insurers, and you may consider ways that you can improve the situation so that you do qualify for coverage. When you qualify for coverage through other insurers, you can get out of the assigned risk pool, and you will have the opportunity to take advantage of better plans and more competitive rates. Some, however, will need to remain in the assigned risk pool due to the on-going nature of risky work activities.

Workers’ compensation can be a costly expense for all businesses, but it is required by law for many. When you are required by law to obtain this type of coverage but are unable to find the coverage you need, you can get coverage through the Arizona workers comp assigned risk pool. Whether you use this is a temporary or permanent solution to meet this legal requirement, you will be pleased to know that this coverage is available to help you comply with the law.

Best regards,
Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Insurance for Contractors in Phoenix, Arizona

Almost everyone nowadays has some type of insurance, and this is especially true for businesses. Insurance helps business owners protect themselves in the event of negative occurrences, and when it comes to independent contractors and insurance, being covered is just as important. Not only should contractors consider investing in insurance for their own protection, but many employers won’t even accept bids for jobs unless they know that the contractors and insurance companies have something worked out.

General Liability Coverage

General liability coverage provides contractors with coverage in the event that something goes wrong on the job. On-the-job injuries and equipment breakage are examples of the types of instances covered under general liability coverage insurance policies. This type of liability coverage covers not only the contractor, but the hiring entity as well.

Commercial Auto Coverage

Contractors and insurance companies can also work together to come up with a comprehensive commercial auto coverage package for contractors who have commercial vehicles as part of their business services. This type of coverage protects both the contractor and the client in the event that an accident occurs while the contractor is driving as part of the assigned job being completed for the hiring entity. For instance, if the contractor gets involved in an auto accident on his or her way to pick up supplies for the job being completed for the hiring entity, then the commercial auto coverage will take care of the costs of the accident rather than the contractor or client being held liable.

Workers Compensation Insurance

Workers compensation insurance provides business owners with protection if one of their subcontractors gets hurt while on the job. This is one of the most essential types of insurance for contractors to make sure that they invest in since it provides them with a safety net in the event that someone becomes injured while on the job. Without workers compensation insurance, contractors could find themselves subject to lawsuits that could end up crippling or even demolishing their businesses.

Performance Bonds

Another type of insurance that contractors can invest in is a performance bond. Performance bonds guarantee that a contractor’s work will be completed satisfactorily. If the job isn’t completed according to the set standards, then the bond is released for completing or repairing the project. Performance bonds protect contractors in the event that they become disabled and can’t continue to complete a project. This protects not only the hiring entity but the contractor as well.

Best regards,
Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Arizona Assigned Risk Trucker Pool

Employers are required to obtain certain types of coverage for their employees, and self-employed individuals may also be subject to similar requirements. If your business has any work vehicles that you or your employees use, you will be required to obtain automotive coverage with limits established by the state. In some cases, the individual driver or the entire group of drivers in the business will not qualify for coverage. In a business environment, this is often due to the fact that the business participates in a high risk activity. For example, drivers may be placed in the Arizona assigned risk trucker pool when the company hauls hazardous materials. The drivers may also be placed in the pool when they have too many moving violations or accidents.

What is the Trucker Pool?
When truckers are not able to obtain private coverage, they are placed in the Arizona assigned risk trucker pool. Essentially, the state will assign a provider to provide insurance to these drivers so that they meet the requirements for coverage. It should be noted that the rates offered through the pool are generally higher than those that would be available through private insurance. Because of this, many self-employed individuals who have been assigned to this pool as well as many business owners with employees in this pool are trying to find a way to get out of the pool and to find coverage with a private insurer.

How to Overcome the Challenges
Before you can learn how you can get out of the Arizona assigned risk trucker pool, you must determine why you or your employees have been placed in this pool. If the challenge relates to the type of activity that your business does, it may not be possible to find private insurance coverage unless you adjust your business activities. If placement into the pool relates to the driving records of the individuals, steps should be taken to improve their driving history. Moving violations, accidents and other blemishes on a driving record will be removed over time, so the driver simply has to drive more safely and to avoid any violations or accidents. As the driver’s record improves, he or she may qualify for private insurance.

The Arizona assigned risk trucker pool is beneficial because it provides those who are unable to obtain required coverage on their own with a means to do so. However, it is more expensive than private insurance. Therefore, those who have been placed in the pool may consider learning more about what steps they will need to take to get out of the pool and to save money on their required coverage.

Best regards,
Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Arizona Assigned Risk Pool

Providing adequate coverage to your employees for workers’ compensation may be a requirement, but it is a requirement that is unfortunately difficult for some businesses to comply with. You do have the option of purchasing your coverage through a voluntary insurance company, and this may provide you with the ability to have better control over the costs, coverage and even level of service that you receive. However, some businesses will not qualify for this type of coverage, and they may need to obtain coverage through the Arizona assigned risk pool.

What May Dictate the Need to Be in the Pool
If you are having trouble obtaining workers’ compensation coverage on your own through a voluntary insurance company, you may indeed need to be in the Arizona assigned risk pool. There are several reasons why you may not be able to obtain insurance on your own. For example, if your company participates in hazardous activities, some voluntary insurance companies may not insure you. When you are denied coverage or are unable to find coverage that is required by law, essentially the state will find it for you. When you are in the assigned risk pool, an insurer will be assigned to provide you with the required coverage.

What to Expect From This Coverage
While the state may do its part to help you find coverage when you are unable to do so, it is important to note that this is rarely the best option for you. The Arizona assigned risk pool is generally not the most cost-effective solution for businesses. You will first need to apply for coverage by filling out paperwork and submitting it to the state. Then, you will receive notice of the insurance provider who has been assigned to provide you with coverage. The cost is not negotiable, and you will be required to have the coverage in place until you find a voluntary insurance provider who is willing to give you a private policy.

Failing to comply with the state’s requirements to provide workers’ compensation for your employees is simply not an option, but there are instances when coverage is not able to be found. Through the Arizona assigned risk pool, even businesses that cannot obtain coverage on their own will be able to provide their employees with the required coverage. You can learn more about the Arizona assigned risk pool if you are having trouble finding a provider to approve you for a voluntary policy.

Best regards,
Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Wrap Up / Owner Controlled Insurance Policies, AZ , NM, NV

General Liability for new apartments and condominiums construction projects:

Construction projects for apartments, condominiums, and some other large scale projects are complex endeavors. These projects involve many different entities and trades. Many times the best policy for these types of risks is a Wrap Up policy or Owner Controlled Insurance Policy:

Cradle to Grave Coverage
Wrap-up policy is extended to cover the entire completed
operations period up to the applicable statute of limitation(s) so
that there is insurance coverage now and going forward
Eliminates Contractor mark-up
On insurance pass-through costs through insurance credits.
often contractor credits can be significant in funding the wrap
premium.
Less Litigation
No need to allocate blame since all participants are on the
same policy.
Broader Coverage
That meets prescribed standards and provides uniform
insurance protection; higher limits can be purchased due to a
larger volume of insurance.

Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Arizona General Contractor Required Liability Insurance

All the safety measures in the world won’t negate the need for Arizona general contractor required liability insurance.

By the very nature of their work, a contractor cannot function without protection. It not only shields the company in the unfortunate event of an accident or other unforeseen circumstance, it helps employees, clients and customers feel safer working with you. They appreciate the idea that in case of property damage or injury, you are prepared.

Safeguarding Your Business with Arizona General Contractor Required Liability Insurance

A contractor’s site can have any number of electricians, plumbers, carpenters and other professionals. There can be heavy equipment, power tools, complex construction structures and materials, as well as any number of pedestrians who may not adhere to safety measures. Accidents occur, regardless of what we do to prevent them. A slip and fall, faulty equipment, fallen debris, all potential hazards no matter how conscientious the contractor and his operators are.

Arizona general contractor required liability insurance is the best way to protect the business’ future. Without it, many a business owner has seen not just financial ruin, but their future prospects hindered by the damage to their reputation.

Types of Arizona General Contractor Required Liability Insurance

Proper insurance minimizes risk. But not having the right type can hurt.

General liability- covers a range of claims. A major one is accusations of negligence on the part of the company or a staff member. It is not uncommon. A piece of equipment hits a parked automobile. Someone falls on-site because an employee stretched a cord across a path. General liability coverage defends the company against accusations, the suit, and any costs agreed upon or implemented by the court.

Builder’s risk insurance- covers any contractor’s loss. Contractors enter into projects that may become victim of natural disaster, fires, vandalism and more. Though no fault of their own, this loss can fall on the general contractor’s shoulders. Builder’s risk insurance covers this possibility.

There is also a unique package for covering any equipment and material on-site. This is not uncommon as relocating certain tools and heavy equipment can be counterproductive. The Contractor’s Tool Floater-protects equipment when it’s not at the primary address in case of theft, fire or other unforeseen incident.

Arizona general contractor required liability insurance is engineered to respond when unexpected occurrences threaten a contractor’s operations and reputation. The expense will more than cover the impact a catastrophic effect can have on the company.

Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Liability Insurance For Construction In Arizona

Liability Insurance For Construction In Arizona

Who Should Have Liability Insurance?

Anyone involved with residential or commercial building projects should protect themselves financially with adequate insurance coverage from a quality company with knowledgeable agents. Liability insurance for construction in Arizona is necessary for people working in different careers, including

• Architects
• Electricians
• Plumbers
• Forklift Drivers
• Carpenters

Individuals who construct bridges, buildings or highways should never assume that they have sufficient insurance coverage from an employer. In most cases, liability insurance for construction in Arizona is the responsibility of each contractor. Failure to protect your business and personal assets from lawsuits concerning charges of negligence can lead to financial ruin for professionals.

What is the Purpose of Liability Insurance?

Liability insurance for construction in Arizona has several purposes such as preventing a loss of a business due to a lawsuit. In addition, in many geographic locations failure to have the proper types of insurance coverage can lead to fines for contractors. This is because many contractors hire employees who need financial protection if an injury occurs while on-the-job. At the same time, someone passing by a construction project can incur an injury, leading to a lawsuit for damages to pay for medical bills and lost wages. A lawsuit for injuries can happen because of negligence due to using equipment the wrong way or making an error during the construction process.

How Much Liability Insurance Does Someone Need?

The amount of liability insurance needed for construction in Arizona varies for each contractor depending on several factors such as the size and cost of the project. Important things to consider are how many employers are working on a project, leading to more chances of someone incurring an injury. While an architect typically spends less time on-site at a building they have designed, they are still culpable for damages in many cases. Liability lawsuits against architects can occur when they made a mistake in a blueprint that leads to an injury of a construction worker or a building’s occupant. Lawsuits against a contractor are possible while a project is in the process of being built or several years later due to an injury. A knowledgeable insurance agent is the best person to analyze the amount of liability insurance for construction in Arizona that you need.

Where Can a Contractor Get Insurance Coverage?

There are numerous insurance companies that provide specialized liability insurance for construction in Arizona. An agent will carefully consider the risks involved by the contractor’s type of work to determine the best plan. A contractor with employees working at high levels such as roofs must pay more for a policy than an architect. Having financial coverage of millions of dollars is quite common, but the cost of a policy is divided with monthly installments over an entire year. An insurance carrier will customize a policy to include the coverage required by a region or occupation. Policies can include coverage for fire, smoke or water damage in addition to paying for medical bills.

Gary Hanson
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301

ghanson@proinsgroup.com
602-481-0161
623-551-6716 Fax

Contractor Insurance, Arizona, Nevada, New Mexico

Although each state’s liability coverage varies, most contractor companies doing business out of Arizona require proof of some form of general liability insurance before solidifying any agreement or contract. A smart business owner is an informed one. Contacting a knowledgeable agent who specializes in AZ insurance guidelines provides a thorough understanding of the many options available while simultaneously customizing your contractor’s insurance coverage based on your organizations particular requirements.

Accidents, damages, interruptions, delays and losses are part of operating any type of construction business, i.e. electrical, plumbing, heating/air conditioning. Choosing the right coverage provides the business owner optimal damage control and sound protection, should a problem arise.

Types of Contractors Insurance:

Income Insurance: Should a covered loss or delay occur to a business service or project, business income insurance provides a way for paying expenses i.e. payroll, rent or mortgage, taxes, relocation fees.

Contractor Vehicle Insurance: Coverage for commercial auto’s i.e. vans, box trucks, utility vehicles and trailers as well as the employees operating them.

Equipment Insurance: Coverage for damaged equipment such as excavators or cranes due to machinery malfunctions, mechanical or operator error, electrical surges.

Business Property – Indoor/Outdoor Insurance: This plan covers damage to rented or owned business property as well as anything housed within the business property, i.e. inventory, building materials. Business property insurance safeguards against catastrophes such as water damage or fire to indoor/outdoor property.

Commercial Property/Liability: This plan provides coverage should an employee cause damage to a client’s property, bodily injury to others or employee injuries.

A licensed insurance agent in AZ can explain and guide you through each policy, providing a further breakdown of specifications for each coverage option, keeping in mind any state or county laws, safety regulations or construction guidelines that need to be observed i.e., obtaining licenses, bond requirements. Purchasing contractors insurance not only reduces the risk to your business operation, employees and clientele exist in a safe and secure work environment. Many AZ based insurance companies include preparedness plans at no additional costs to the purchaser. Taking advantage of these free plans allows AZ construction businesses a well-organized preparedness plan against disasters as well as recovery and relief guideline suggestions.

Choosing specialized contractors insurance serves as the most important investment to your business and personal stability. Optimal safeguards build a solid bridge to your financial future and lower operating expenses while providing priceless peace of mind.

Best regards,

 Gary Hanson

Professional Insurance Strategies, LLC

6708 W. Bethany Home Rd

Glendale, AZ 85301

 

ghanson@proinsgroup.com

602-481-0161

623-551-6716 Fax

 

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