As a business owner, you have a unique set of responsibilities on your plate. Providing appropriate insurance protection for your business, employees, and customers is one of those essential responsibilities. At San Marcos Insurance Group, serving Chandler, AZ, and the surrounding areas, we can help you make the best insurance choices for your business. Keep reading to learn more about commercial insurance. 

Do I Need Commercial Insurance?

If you are a business owner in Arizona, you are required to provide certain types of insurance coverage under law. This coverage helps to protect your business, your employees, and your customers and clients. Failing to provide proper insurance could result in fines and other consequences.

Even though you may not be required to provide a specific type of insurance, though is not a good reason to ignore the coverage. A sturdy insurance plan protects the investment of time and money you have made into your company. 

What Does Commercial Insurance Provide?

A commercial insurance policy can be customized to suit your needs. In most cases, it will provide the following types of coverage:

• Property damage– This provides money if your property or equipment is damaged during a fire, natural disaster, or burglary. 
• Vehicle coverage– Any vehicles used in the business’s operation must be covered according to state law. Drivers of these vehicles must also be covered. 
• Liability– Liability coverage is crucial to protecting your business and your assets. This coverage will kick in if a customer, client, or employee is injured at work or because of your goods or services. It can help pay for medical bills or legal fees that might occur. 

If you want to learn more about commercial insurance or any other product, please contact us at San Marco Insurance Group, serving Chandler, AZ, and the surrounding areas. 

 

Adults that don’t own health insurance in Chandler, AZ are not fined by the Internal Revenue Service (IRS). Those fees were rescinded in 2018 as a change to the Affordable Care Act (ACA). 

When Did People Need to Pay Fees?

Initially approved in 2010, the Affordable Care Act charged uninsured adults over $600 if they didn’t have coverage. The IRS annually collected the fees. Initially, the goal of the penalty was to encourage adults 25 and older to apply for health insurance. In doing so, they could help reduce medical costs.

When the ACA was modified in 2018, the fee was removed. Thus, there was no need to file a tax exemption to avoid paying the penalty. Nevertheless, there are still some situations where individuals must determine if they’re exempt from policies—for instance, a catastrophic health policy with low premiums but high deductibles. 

Why do I Need Health Insurance if I’m Healthy?

Although you’re healthy now, you don’t know what the future holds. Yes, there’s a good chance you’ll be okay. However, no one can predict the next pandemic or other new illness that can quickly sweep through a population. Ultimately, this is why you should get a health insurance policy.

You don’t have to work a second job to obtain quality coverage. The ACA created an affordable marketplace to help individuals and families obtain policies with smaller premiums. Some programs, like Medicaid, have no premiums and minimum copayments. 

Do you need a health insurance policy? If so, reach out to San Marcos Insurance Group representatives to obtain the one that fits your budget.