This is an important topic that usually is not addressed until after something has happened to your personal or business property which means the client learns an expensive lesson. When you look at any type of Scottsdale insurance, it is tempting to get the least expensive option as most insurance advertising today is price driven, but any insurance policy is only as good as what it protects. In Arizona, typical crimes that you will want to insure against are theft (Arizona auto and identity theft claims rank in the top 10 in the United States) and vandalism.
Personal Property
Coverage that protects your personal property in Scottsdale typically comes from two places: a homeowner/renter policy and your auto policy. The Arizona personal property coverage will cover those items not attached to your home or apartment, so an easy way to envision what this covers is to imagine that you can pick up your home or apartment, turn it upside down and shake. Those items that fall out of the building are typically covered under the personal property coverage. Be sure that on either policy you are receiving Replacement Cost coverage and not actual cash value as the actual cash value of an item takes into account the depreciation of anything you lost. That 5 year old T.V. will then be worth much less than what it would cost to replace it. Also, make sure to have some way of recording your personal items. Some people do this through a spreadsheet but an easier way would be to take a video of what you have in the home and capture any serial codes that you can to ensure you have proof to show a claims adjuster in case of a loss.
Your vehicle is an expensive piece of personal property. Arizona property damage coverage, known as comprehensive and collision, is how you protect your vehicle against crime. If you wake up one day to find it stolen or see hail damage or any number of other covered losses, then comprehensive coverage will be the one to get you compensated for that loss. With either property damage coverage, you choose a deductible that you are responsible for paying and then the insurance company makes up the difference. So if you have a $500 deductible and the claim is for $5000, then you will receive a net payment of $4500. What the auto policy does not cover is theft or damage to your personal property that may be in the car (phone, computer, etc.). Your homeowner or renter’s policy may cover these items but be mindful that the increase to your policy at renewal may not justify making a claim on those types of personal items.
Business Property
Business Personal Property coverage Scottsdale may be included in a Business Owners Package policy (BOP) or Property policy. Depending on your policy, this may take care of computers, equipment, furniture, etc. that are used in the daily operations of the business. No matter where your business is located (Scottsdale, Peoria, etc.), you still face the potential losses that come as a victim of a crime, so be informed on what your policy covers and does not cover. If a piece of equipment is crucial to your business and is not covered under business personal property, then find out if it can be covered through an inland marine policy. Just be sure that the inland marine policy does not exclude theft and find out what type of precautions the carrier expects you to take such as not leaving the equipment in a truck overnight, etc.
Beyond physical crimes, businesses today have to also insure against AZ digital and online business crimes. If your business records any type of personal or payment information on its customers, then a cyber liability and data breach policy would be worth investing in. NetDiligence recently released a report that highlights some important information for business owners to consider. Among these are an average claim of $25,000 to $400,000, the most likely sectors to encounter a breach are Healthcare and Financial Services, and the average cost of legal defense is almost double that of the cost of a settlement.
Whatever your individual or business needs may be, find an independent insurance broker that you can trust will help you work through the risks you want to protect against. Remember that your policy is only as good as what it protects against.
