Las Vegas Business Insurance: Top 5 Business Insurance Policies For LV-Based Businesses

Las Vegas Business Insurance: Top 5 Business Insurance Policies For LV-Based Businesses

By In Uncategorized On April 22, 2020

Nevada is the 7th largest state in the US geographically and the state is home to nearly 1/4 million small businesses, most of which headquartered in Las Vegas. It is estimated that nearly 96% of all businesses in Las Vegas are small privately-owned businesses. While many large entertainment conglomerates are headquartered in Las Vegas, the state’s economic backbone is its small businesses. 

Nevada is very business-friendly with zero state income tax (personal or corporate), no inheritance tax and no franchise tax. Small businesses such as franchises, landscapers, food places, coffee shops, gun stores, etc, need liability insurance to protect their business. If you want to find business insurance Las Vegas, this guide will help you understand business insurance policies in Nevada.

Business insurance Las Vegas NV is available to all small and large businesses and it protects them and their equipment. Liability insurance policies can insure the business is protected in the event of a lawsuit or a personal injury case. Small business insurance Las Vegas can insure businesses at a very low cost. The insurance coverage will protect your personal business property and all legal expenses in the event of a lawsuit. 

Top 5 Business Insurance Policies For LV Businesses 

1) Liability Insurance

Liability Insurance, sometimes referred to as ‘General Commercial Insurance’, is insurance designed to protect you from financial responsibilities that occur due to lawsuits. The business is subject to accidents, negligent acts, and unpredictable scenarios. Business owners are held legally liable for the actions of their employees. If your employee’s actions result in damage to the property or bodily injury, you will be held liable. 

Business owners can also be held liable if they spread slanderous information and cause loss of revenue for a competitor. If you manufacture a product, a single incident could lead to a disastrous lawsuit. The potential damage that your business causes can leave you bankrupt even if you put great care in customer service. This is why commercial insurance Las Vegas is essential for all LV enterprises.

2) Professional Liability Insurance

If you’re a contractor-owner or a self-employed professional, you’re going to need commercial liability insurance geared towards professionals. This insurance can protect you from all lawsuits in the state of Nevada and it extends to most high-risk professions. Professions that are at risk include doctors, nurses, lawyers, law enforcement officers, construction contractors, etc. The insurance type can be taken out by employees or self-employed persons who run their own company.

If you cause damage to a client by accident, the client could sue you for malpractice. The premium costs for professional liability insurance are similar to those of Las Vegas business insurance and vary by the profession and risk factor. If you’re a high-profile lawyer with a track record of lawsuits against you, the costs may be higher than an established landscaper without a single lawsuit in their history. In some LV industries such as medicine, liability insurance is required by law.

3) Business Insurance

Business Insurance or Commercial Insurance in Las Vegas, is a commercial business policy for business owners. While liability insurance protects you for payments you have to make to others (injured clients, business competitors, distributors, etc) business insurance covers you for damages to your own business. 

  • This type of insurance is called “Business Owner’s Insurance” or “BOP”. BOP is a bundle policy that provides property insurance, medical coverage and a basic form of general liability (which can be expanded in a different ‘general liability insurance’ policy). 

Business insurance covers your most business properties such as buildings, vehicles, equipment, client’s equipment, and assets. Business insurance extends to unpredictable occurrences such as equipment failures, vandalism/robberies, employee fraud, loss of income due to lockdowns, etc. Depending on the risks involved, the state of Nevada may require additional components for your business insurance. Examples: Bars and clubs can purchase extra alcohol liability insurance.

4) Commercial Auto Insurance

If you have a single vehicle registered under the business, you must purchase commercial auto insurance for the vehicle. Vehicles such as business delivery vans, trucks, cars, buses, etc, require coverage under a commercial automotive policy. Commercial auto insurance protects you from all damages caused by vehicle accidents including bodily injury caused to others. If one of your employees causes a traffic accident, the injured person will be covered under this policy.

While the premiums for commercial car insurance are similar to those of private auto insurance, you may have to purchase additional coverage based on the contents of the material being transported. Example: Large trucks carrying hazardous materials might require $5M in coverage. Commercial auto coverage in Las Vegas will extend to all vehicles registered under the business, but it can also extend to rentals and leased vehicles that your company hires for a temporary amount of time.

5) Umbrella Business Insurance

Business Umbrella Insurance is a package policy that combines two major insurance policies in one. This is called an umbrella policy or the bundle policy, depending on the insurer. Business umbrella policies combine BOP (Business Owner’s Policy) and GLI (General Liability Insurance) in order to insure both the property and the business’s legal liability. 

This is the highest form of insurance you can get for your business and it can cover all commercial necessities. This policy is ideal for mid-sized to large businesses that need flexibility according to their individual needs. It can also be combined with cheap liability car insurance in Las Vegas to cover your fleet of vehicles.

How To Expand Your Las Vegas Business Insurance?

There are extra policies you should consider adding to your main policy, depending on your business requirements. In Las Vegas, a very popular policy is a liquid liability policy. This is because most service-based businesses such as restaurants, hotels, bars, casinos, etc, serve alcohol and they can be held legally liable if a client is hospitalized due to overconsumption of alcohol. 

Garage keeper’s liability in Nevada is also popular because it can insure the cars parked in your garage (or cars belonging to your clients). You never know if someone will break in your car garage and cause damage to the cars or steal them. In this event, a garage keeper’s policy can be added to your Las Vegas business insurance policy.

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