Nevada, nicknamed “The Silver State” and “The Mining State”, is best known for its various casino and resort towns including Las Vegas, Reno, and Lake Tahoe. These gambling and resort areas attract tourists from other states and countries making Nevada one of the most popular tourist states in the nation. Aside from casinos and tourism businesses, additional industries do very well in the state including construction, finance, and agriculture. The leading agricultural industry in Nevada is in cattle and calves along with hay, alfalfa seed, barley, wheat, and potatoes. Additional recreational activities and attractions that bring in tourists in Nevada are Pyramid Lake, Lake Tahoe, Lake Mohave, the Lake Mead National Recreation Area, Hoover Dam, Great Basin National Park, and Virginia City. A small business in Nevada can be quite successful to the high traffic of people, especially during the state’s busy tourist seasons. But even though the state is known for its casinos and gambling, don’t gamble by going without business insurance in Nevada.
Standard Business Insurance Coverages in Nevada
An insurance policy held by an entity, also known as a BOP, is a complete small business insurance package that includes multiple liability coverages in one package. A BOP integrates two main coverages — general liability and property insurance — in one complete policy. Business owners insurance in Nevada transfers risk away from the business proprietor to the insurance company by providing protection for various areas of liability, including equipment, buildings, and legal liabilities. Common insurance claims that business owners insurance coverage protects you from include: personal injury, loss of income, professional liability claims, important papers, equipment breakdown, fire, legal liability claims, employee fraudulent acts, money and securities, and property claims. The Nevada-based business or organization might have added components supplemented on the original BOP coverage depending on the probable risks of each individual business.
General liability insurance in Nevada is specifically designed to protect small business owners from financial loss that can result from negligent acts, omissions, or both, caused by the business or their employees that may result in physical injury or property damage. Examples of the types of exposures typically covered under general liability insurance include contractual liabilities, liabilities from products sold, and accidents on the insured premises. The damage or injury may be a result of negligence or unintentional. General liability insurance for Nevadans may be a single, stand-alone policy or can be combined with additional policies.
A package policy is a type of insurance policy for an owner of a small organization in the Silver State that combines two or more types of insurance into one policy, or bundle. A common package policy in Nevada combines general liability insurance (see above) and commercial property (see below); although a package policy may be designed to comprise almost any type of coverage, depending on the needs of the enterprise. A package policy is helpful for an owner of a small business because it allows for a good deal of flexibility to adapt to a policy particularly for the unique needs and risk exposures of the business.
Commercial Property Insurance is available to provide coverage for any type of Las Vegas, Nevada commercial property, and includes, valuable papers, building, supplies, equipment, furniture, stock, and personal property. Commercial property insurance in Nevada offers protection against a number of catastrophic events, such as windstorm, hail, explosion, fire, theft, vandalism, lightening strikes, and natural disasters. A number of businesses can benefit from this type of insurance, including tourist shop retailers, not-for-profit organization, manufacturers, and service-oriented business, like restaurants and casinos.
Workers’ compensation insurance in Nevada offers coverage against work-related injuries or occupational illnesses for any organization that has employees working for them. Workers’ compensation insurance in Nevada is a no-fault, state-mandated insurance system designed to reimburse benefits to employees who suffered injuries or an illness during company time. Because the state of Nevada has a strict requirement for businesses with employees to carry workers’ compensation, failure to carry it can make small business executives liable for harsh fines and civil penalties, or occasionally, cause the organization to be liable for the cost of injuries sustained by their workers. By having workers’ compensation insurance, the workforce will receive medical care and lost wages coverage in exchange for the promise that the employee will not sue the company.
Companies that own at least one vehicle should be protected by commercial auto insurance. Commercial auto insurance in Nevada provides financial protection to Nevada territory business owners and their employees by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for business duties. Commercial auto insurance covers damages and medical costs that result from vehicle accidents, as well as vandalism and damage from hail storms. Coverage for entities in the state of Nevada may include vehicles owned, rented, leased, or hired by your company, along with employee-owned vehicles used for your business operations. For this latter reason, it’s recommended that companies purchase a commercial auto insurance policy if drivers use their own vehicle to perform functions for the business; this is referred to as non-owned commercial auto insurance.
Commercial umbrella insurance begins at the point that your general liability, commercial auto insurance, or other liability coverage ends. Small business owners benefit from umbrella insurance since their existing liability policies may have coverage limits, and may not cover all expenses if a disastrous or unanticipated event occurs. Commercial umbrella insurance in Nevada is a crucial source of coverage that fills in the gaps and covers specific exclusions in your main business liability coverage. Umbrella insurance is a tremendous way to have added security for property damage, bodily injury, or other types of liabilities.
Some Additional Business Insurance Coverages in Nevada to Consider
Errors and Omissions insurance policies provide western Nevada businesses and professionals with protection against lawsuits and claims made by clients or customers for poor work, careless acts, errors, and oversights made while conducting business that resulted in a loss of wages or productivity on the part of the customer or client. Errors and Omissions insurance covers legal defense and court costs, along with settlements as detailed on the insurance contract. In the medical field, doctors and surgeons require malpractice insurance, so small business owners who provide services or consulting advice, either directly or with subcontractors, need errors and omissions insurance in Nevada.
Professional liability insurance provides additional protection for professionals in the Las Vegas Metropolitan area of Nevada, including financial analysts, auditors, and general contractors, from having to pay the entire legal cost of defending against a claim of carelessness, error, failure to perform, or omission made by a client as well as damages allocated in that claim. The coverage’s key focus is on the financial burden on the part of the client from this type of alleged claim with respect to a product or service provided by the professional. Professional liability insurance may offer claim coverage, even if the legal actions turn out to be uncorroborated. Professional liability insurance in Nevada is required by law in some kinds of professional practices, including legal and medical, but is also required by contract in other industries.
Employment Practices Liability Insurance in Nevada, also known as EPLI, provides organizations with protection against claims of discrimination, wrongful termination, sexual harassment, breach of contract, wage law violations, false imprisonment, emotional distress, libel, slander, mental grief, negligent hiring and promotion decisions, and defamation claims. Enforced by the Equal Opportunity Employment Commission (EEOC), the acts, laws, and various protections from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act are the basis of Employment Practices Liability Insurance.
Fidelity Bonds in Nevada
Fidelity bonds in Nevada are a form of insurance purchased by owners of small entities in order to protect against losses, like fraud, embezzlement, or theft by any number of employees. Since reimbursement from employee fraudulent practices is generally not feasible due to the money already being unavailable, fidelity bonds propose an important safeguard for a small business owner who would otherwise have to suffer these financial losses themselves. Even if your company has extra security against these types of acts including employment hiring screening, strong internal controls, and careful supervision, it isn’t always enough. Losses suffered from employee thefts of money, property, or securities are all covered under fidelity bonds insurance in Nevada. There are three commonplace types of fidelity bonds: dishonesty bonds, ERISA bonds, and business services bonds.
Surety Bonds in Nevada
A surety bond is a requisite agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It represents the declaration they will pay a specified amount should a party fail to meet a commitment, such as satisfying the terms of the contract. A surety bond protects the recipient from loss if the contract is not fulfilled, while the surety company takes on the liability for not performing. A surety bond is typically required for monetary compensation. Owners of Nevada companies may need a surety bond to promise payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be eligible for licenses. While surety bonds in Nevada are more commonly used in the construction industry, surety bonds are also used by mortgage brokers, medical suppliers, automobile dealers, health and fitness clubs, notary publics, and others. Because of the large variety of small businesses in many industries that use and need bonds, there are several different types and features of surety bonds in Nevada that offer a wide array of guarantees.
Whether you own a camping supply store in Henderson or a casino gift shop in Las Vegas, as a business owner in Nevada, it’s highly recommended that you have a broad range of business insurance. While you may already have the required standard business insurance policy, it may not cover certain types of risk exposures like natural disasters, fire, damage from extreme weather conditions, theft, or other types of liabilities. For this reason, it is crucial that you protect your small business in Nevada, along with your assets with supplemental insurance policies that cover such risk exposures and liabilities.