You work hard every day to build your company, and while you know you can’t avoid all risks, you should be able to protect your business from unforeseen events that are out of your control. That’s where commercial insurance comes in. Business insurance covers all aspects of your company, so you can focus on what you do best: running it. To help you find the right policy, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in Nevada?
The minimum requirement for business insurance for most businesses is general liability coverage. This protects your business from claims regarding property damage and bodily injury.
If your business uses vehicles, you may need a commercial auto policy. This includes everything from employee-owned cars used for work to company-owned delivery vans.
You’ll also need workers’ compensation insurance if you have employees. This gives employees financial support if they become sick or injured while on the job, so they can pay their expenses without having to sue you to cover their costs.
What are the types of business insurance in Nevada?
There are several types of business insurance to cover a variety of needs. Here are a few:
General liability
This is the main coverage most businesses need. It covers injuries and property damage that occur on your premises, as well as advertising injury (like defamation) and medical payments from accidents that happen at your business. It’s a good bet if you have customers visiting or employees working outside your office, but even a desk-bound business can be sued for things like libel or slander; this coverage protects you against those suits.
But in all, general liability does not cover:
Employment-related practices liability
Property damage to your premises or product
Bodily injury or property damage expected or intended from the standpoint of the insured
Workers compensation
If you have employees, this is legally required in most states. Workers comp pays benefits to employees who are injured on the job, and it protects you by preventing them from suing you after an injury occurs. While you may self-insure this risk, it’s usually better to buy coverage from a provider.
Workers’ compensation insurance does not cover:
Theft. Workers’ comp won’t cover the loss if an employee steals from your company.
Employee negligence. If you are injured because you failed to follow a rule or a procedure, workers comp might deny your claim.
Product liability
Product liability insurance protects your company from claims against you when a product causes injury or damage. If you manufacture, distribute or sell products, you may be held liable for any injuries or damages caused by them. This type of coverage pays for legal expenses, medical costs, and compensation awards resulting from those claims.
Product liability insurance does not cover:
Reputation or brand damage, including the cost of recall and replacement.
Costs of product redesign or correction.
Patent, copyright, or other intellectual property infringement claims.
Business interruption
Business interruption insurance is designed to provide coverage for lost income if your business is forced to close temporarily due to a covered catastrophe such as a fire or hurricane. Business interruption coverage begins when a civil authority closes your doors because of damage to nearby properties, and it continues until you’re able to reopen for business.
Business interruption insurance does not cover all types of loss. It does not cover many instances where income is lost. Some common exclusions include:
Damage sustained to property owned by the business owner
Employee theft or dishonesty
Abandonment of the property (for reasons unrelated to damage)
Commercial Auto insurance
If you use cars for business purposes, you need commercial auto insurance. This type of policy covers vehicle damage and medical expenses for both you and the other driver in the event of an accident. It also covers theft, vandalism, and other types of damage, as well as legal fees if someone sues you over property damage or injuries sustained in an accident involving a business vehicle.
Commercial Auto insurance excludes:
Rental trucks or trailers (unless they are rented as part of a commercial vehicle/fleet).
Any vehicles that are insured under a personal auto policy.
Vehicles owned by the business but not used for business purposes.
How much does business insurance cost in Nevada?
Several factors can affect the cost of your business insurance. We’ll cover some of the most common ones here:
Company size: Business insurance premiums are calculated by the number of employees, payroll, and the coverage needed. So a company with ten employees will pay less for its policy than a company with 50 employees.
Your business location: If you’re based in an area where hurricanes or tornadoes are common, for instance, you can expect to pay more for insurance than if you were located in an area where weather events like those are rare.
Claims history: If your business has filed many claims in the past, regardless of whether they were denied or paid out, this is considered a sign that you might be a bigger risk in the future.
Coverage limits: The higher the coverage limit you select, your policy will cost more. While it’s understandable that you want to protect your business as best as possible, you also don’t want to overspend on coverage limits that are too high for your needs.
Business Activities: a construction company has a greater chance of having an accident than an accounting firm and will cost more to insure.
How to choose the best business insurance in Nevada
When choosing insurance, consider the following:
Consider how much coverage you need: It’s easy to over-insure or under-insure yourself. If you find yourself in the latter situation, it might be tempting to accept the bare minimums required by law.
Check on your local laws: Some states require any professional working on customers’ premises, such as an accountant or real estate agent, to carry liability insurance.
Shop Around: Insurance policies can vary greatly in cost and coverage amounts. It’s a good idea to shop around for quotes from multiple carriers and compare them side-by-side when choosing a policy.
Experience: Insurance agents who understand your industry and have worked with businesses like yours in the past can help you choose the right coverage.
Know what’s included and excluded: Some have lower deductibles but less overall coverage, while others offer higher limits but at a higher price point. It’s important to read the fine print carefully to know exactly what is covered and what isn’t before buying a policy.