Tempe’s commercial insurance market is diverse. Mill Avenue is packed with bars and restaurants, ASU and Tempe Diablo Stadium support a large vendor ecosystem, the Tempe-Chandler tech corridor produces SaaS startups, and the offices around Tempe Town Lake house professional-services firms. Each needs a different commercial coverage stack. Hicks Insurance Group is an independent agency licensed in Arizona, with carrier access for each of them.
This guide covers what each commercial policy actually does, coverage by coverage. For every service we offer in the city, see Tempe insurance, or stop by our Tempe office.
A business owners policy (BOP) is the packaged starter policy for most Tempe small businesses. It bundles the core coverages into one policy at one price.
Default BOP limits are typically $1M per occurrence and $2M aggregate for general liability, plus your scheduled property values.
A BOP works well for office-based businesses, but it often falls short for:
Related:Commercial insurance Business FAQs What insurance do I need for my small business in Tempe? Can I bundle general liability with other coverages?
Some businesses need general liability on its own, or at higher limits than a BOP allows, and property coverage built around desert weather.
Commercial property covers your building, contents, business personal property, inventory, equipment and signage.
Related:General liability Commercial property insurance What does general liability insurance cover? What does commercial property insurance cover?
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These two coverages follow your people and your vehicles, and both have Arizona-specific rules worth knowing.
Arizona generally requires workers’ compensation for any business with one or more employees, with limited exceptions. It covers medical bills and lost wages for employees injured on the job.
Commercial auto covers business vehicles and personal vehicles used substantially for business.
Related:Workers’ compensation Commercial auto insurance Is workers’ compensation insurance required in Arizona? Can a new agency help me review workers’ comp class codes?
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Data and professional advice create exposures that a general liability policy doesn’t cover. For many Tempe firms, these are now core coverages.
Cyber liability covers data breach response, ransomware, business email compromise, regulatory fines, customer notification, credit monitoring and forensics.
Errors and omissions (E&O) coverage protects businesses that provide professional advice or services.
Related:Cyber insurance Do small businesses really need cyber insurance? Do I need prior-acts coverage when changing professional liability carriers?
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Some Tempe industries need specific combinations of coverage. These are the ones we build most often.
General liability, liquor liability, workers’ comp, property, commercial auto for delivery and cyber for POS systems. With so many bars along Mill Avenue, liquor liability is non-negotiable.
Many ASU vendor contracts require specific minimum general liability limits, additional-insured language and waiver-of-subrogation clauses. We read the contract before we quote.
Spring Training at Tempe Diablo Stadium brings a revenue surge over several weeks each spring. Vendor coverage needs to handle the risks that come with event crowds.
Startups usually need cyber and E&O together, with limits driven by customer contracts. Venture-backed boards may also require directors and officers (D&O) coverage.
Law, financial advisory and consulting practices in the offices around Tempe Town Lake need E&O, cyber, commercial property and employment practices liability (EPLI).
Contractors need general liability, commercial auto, workers’ comp, tools and equipment coverage, and builders risk for active projects.
Related:Restaurants and bars Contractors insurance What insurance do I need for my restaurant in Tempe, Arizona? Do contractors need specialized insurance?
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Because we’re independent, we build a stack for your specific business instead of selling a generic small-business package. For Tempe businesses we compare:
“Hicks Insurance Group provided an outstanding experience from start to finish. Their team was professional, knowledgeable, and genuinely took the time to understand my needs. They explained every option clearly and helped me choose the right coverage without any pressure.”— Arifa A., Google review
Ready to compare? Request a commercial quote online, or call our Tempe office at 60 E. Rio Salado Parkway, Suite 9092, Tempe, AZ 85281, (480) 561-6210, or email plservice@hicksinsurance.com.
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If you are new to Hicks Insurance, you probably have some questions. Let's help you get some answers.
If you cause an accident, be prepared to pay your deductible. After you’ve done that, your insurance company should pay the remaining costs, including damages or medical expenses you caused to other parties involved.
Your business insurance needs are as unique as your business itself. While all businesses need certain types of coverage—general liability, business property, and workers’ compensation, for example—your other needs hinge on your type of business. If, for example, you use vehicles in your line of work, you need business auto insurance. Similarly, businesses that manufacture a product should consider product liability insurance. Talk to your agent to determine your exact needs.
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