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If you’re wondering how to get business insurance in the Battle-Born state, you’re not alone; in fact, 99% of Nevada’s businesses are considered “small.”
That means there’s a lot of information out there for small business owners. How do you know which sources you can trust?
Fortunately, you’ve come to the right place to learn about Nevada business insurance.
To help you out, we’ve put together a comprehensive (and free) guide to get Nevada business insurance, including general and professional liability policies. Take a look. It should answer most of your questions about getting insured — and help you take your first steps toward getting a policy.
Excited yet? Then let’s get started!
Heard of general liability insurance in Nevada? Chances are, you have. General liability insurance (also known as GL insurance), is one of the first policies that most business owners buy.
GL insurance can help protect your business against major costs as a result of third-party accidents, injuries, and property damage. These incidents can be extremely costly, and without insurance, they’re enough to put most small businesses under water. For example, a typical customer slip-and-fall incident can cost $20,000 in medical bills. Meanwhile, a reputational harm claim can cost about $50,000!
Most general liability insurance policies in Nevada can help cover:
Ask yourself: ”Can I pay $20,000 or $50,000 out of my own pocket to cover damages and medical bills? For most small business owners, the answer is no. So purchasing general liability insurance at the get-go can be critical to the success of your business.
As long as you have a policy in place, you’d just need to pay, up to your deductible amount. Then your insurance kicks in for the remainder of the damages, up to a certain amount, according to your policy.
Let’s take a look at a few specific examples of how general liability insurance in Nevada can work:
You’re an accountant working on a client’s tax return. During a meeting with them, you spill coffee on their brand new (and pricey) laptop. Suddenly, you’re on the hook to replace the client’s computer. But if you have GL insurance, your policy may help cover those costs.
You’re a general contractor who is renovating a home. One day, the homeowner trips and falls over equipment that you left in the driveway. Unfortunately, he has a head injury and is rushed to the emergency room for treatment. If you have general liability insurance, your policy can help cover the homeowner’s medical bills, ER visit, and ongoing care.
You write an innocent review of a vendor’s work, but it comes back to bite you. The vendor sues you for reputational harm. Even if you believe you did nothing wrong, you need to hire a lawyer to defend your case. A general liability policy can help cover the cost of a lawyer and any related legal fees (up to your policy limit).
Fun fact: Nevada doesn’t require small business owners to carry general liability insurance (for the most part).
But we highly recommend that most business owners purchase a policy.
Here’s why. You never know when you may face an accident, injury, property damage, or even a reputational harm lawsuit. In today’s world, lawsuits are more common than we’d like to think about, especially for small business owners. We don’t want to see an unexpected event leave you financially devastated.
There are some exceptions to the law, however, based on your industry. For example, it’s common for contractors to need insurance before they get their licenses. Other industry professionals may need to show proof of coverage before obtaining licenses too. We recommend looking at your industry’s association to find out.
Not everyone works with tools, machinery, or has a high risk of physical injuries on the job. If you offer professional services, though, you’re exposed to other risks, namely negligence lawsuits.
Most small business owners who offer professional or consultative services should purchase professional liability insurance in Nevada. This type of policy is designed to help protect your business if you’re accused of an error associated with your work.
What? An error, you say?
Yes, anyone can make a mistake or be wrongfully accused of one. Photographers can misplace photos. Freelance writers can misquote sources. And accountants can miss or inadvertently enter incorrect numbers on tax returns.
In fact, there are more than 100 million lawsuits filed in U.S. state courts every year, and the average case costs a whopping $54,000. Can you imagine paying that much money out of your own pocket? Most small business owners just couldn’t do it. You don’t want to be facing a major lawsuit without insurance coverage.
We highly recommend that these types of professionals purchase professional liability insurance in Nevada before working with their first clients:
In Nevada, you’re not required by law to carry professional liability insurance.
But we highly recommend getting a policy, especially if you work in a service-based industry.
That’s because 43% of small business owners have been involved in a lawsuit or have been threatened by one. When in doubt, get a professional liability policy to protect your business and everything you’ve worked so hard to build.
If you’re ready to buy small business insurance in Nevada, that’s great news! We think it’s wise to protect your business long-term. Check out Simply Business’s quote comparison tool to find an affordable policy. You also can speak with one of our licensed insurance agents at 855-527-0073 to walk you through the process.Get your quote
Have you made your first official hire? Then gear up — you need to purchase Nevada workers compensation insurance as well. Nearly all small business owners in the Battle-Horn State with one or more employees need to have coverage — or you could risk paying a hefty penalty. There are few exceptions to this requirement.
Workers compensation insurance is there for a good reason. It’s designed to help protect you, your business, and your employees if there’s a costly accident, injury, or illness on the job. It can help pay for medical bills, ER visits, lost wages, and even job training if a worker is no longer able to perform their usual duties.
There’s a lot of information about Nevada workers compensation, so hang in there. We’ll dive into more details later on in this guide. For now, you can head to the Nevada Association for Employers or the State of Nevada Department of Business and Industry for more information.
At Simply Business, we know that no two businesses are the same. Some businesses carry higher risks of accidents and injuries, while other businesses are more at risk for negligence lawsuits.
It’s important for your Nevada business insurance to reflect what you do, how many employees you may have, and the real risks you might face. As you customize your insurance, you may want to consider adding one of these policies too:
Commercial automobile insurance: Small business owners who drive a business vehicle need commercial auto insurance, as most personal auto policies don’t cover drivers in business vehicles. Use your family car primarily for work too? Then you likely need a commercial policy in addition to a personal one.
Here are the minimum coverage requirements in Nevada:
You can check with the Nevada Department of Motor Vehicles to learn more about these coverage requirements.
Commercial property insurance: If you have a storefront or another physical location, you probably should get property insurance too. This coverage can help pay for damage from fires, smoke, storms, and even vandalism.
Home-based business insurance: If you run a business out of your home, don’t assume your homeowners policy will cover damage to your business. In most cases, it won’t. Look into home-based business insurance, which can help cover the costs of bodily injury or property damage to the “business side” of your home.
We already touched briefly on Nevada’s workers compensation, but there’s a lot more to know. Here’s a quick recap:
Nevada is unique; it offers extra protection to employers with workers compensation because worker’s compensation is an exclusive remedy in Nevada. That means that an employee may not be able to sue their employer for additional damages that are outside the employer-provided workers compensation coverage.
Here’s an example. Let’s say an employee gets injured and opts to receive workers compensation benefits. That same employee cannot claim additional damages against their employer later on.
All Nevada employers who have workers compensation coverage receive this same protection.
We recommend that all small business owners understand the process for claims. You can take a look at the most common workers compensation forms, as well as the process, by visiting the Nevada Association for Employers.
Have more questions? Reach out to the Nevada Department of Business and Industry at [email protected], or visit one of their onsite locations:
Carson City Office 1830 College Parkway, Suite 100 Carson City, NV 89706 775-684-2999
Las Vegas Office 3300 W. Sahara Avenue, Suite 425 Las Vegas, NV 89102 702-486-2750
Here’s the scoop: every business is a little different, so policy premiums can vary. It depends on the level of risk in your industry, the size of your business, and how many employees you have.
But to give you a better idea of Simply Business’s reasonable rates, some of our general liability insurance quotes are as low as $25.95/month!*
It’s easy to use our online quote tool to compare policies that could work for you. And it takes just 10 minutes or less. All you need to do is answer a few quick questions about your business, and our online tool will generate several different policies for you to review. You can compare coverage limits, premiums, and more — all online.
If you want to speak with someone on the phone, our licensed insurance agents are here for you. Call 855-527-0073 to get recommendations and have all of your hardest questions answered.Get your quote
If you’re ready to buy Nevada business insurance today, we’re thrilled. After all, we want nothing more than to see you have a successful business.
To help you secure coverage — and fast — we have a few helpful tips:
Take 5 minutes to think about the biggest risks facing your business. Fires? Floods? Burglaries? Injuries? Whatever these risks are, you’ll want to make sure your policy protects against them.
Think about your local competitors. Maybe pick up the phone to call a few of them. It’s helpful if they can tell you about their coverage and what they like or don’t like about their policies.
Look up your industry’s insurance guidelines. Many professional associations and business licenses require coverage before you can work with customers. Find out what coverage recommendations pertain to your job.
Spend time on Simply Business’s online quote tool. It’s easy-to-use and can give you a good idea of what policy options are available to you.
Think about your budget for business insurance. You’ll also want to consider the pros and cons of annual or monthly premiums.
Want more tips where that came from? Head over to the ultimate guide to finding a small business policy.
We know, we just covered a lot. But hopefully, by now, you’re convinced about the importance of Nevada business insurance. After all, it can protect your business’s financial assets during unexpected (and very trying) events.
If you’d still like to shop around, just check out our online quote tool to compare policies from leading insurers across Nevada. You can also call one of our licensed insurance agents at 855-527-0073 to customize a policy for your needs. We promise, we’ll aim to make it as simple as possible.Get your quote
*Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and nature of your business. Averages based on January - December 2020 data of 10% of our total policies sold.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.