Las Vegas Business Insurance
If you've owned your own business for any length of time, you probably know that unless you carry the proper type of commercial insurance, any injury to a customer or employee puts you at risk of an expensive and potentially ruinous lawsuit. Covering the costs of just one massive settlement can devastate your company, force it into bankruptcy and possibly even put it out of business.
That's where general liability insurance can make a vital difference.
Commercial General Liability Insurance in Nevada
General liability insurance aims to protect the Nevada business owner against a variety of losses. These policies usually cover:
- Bodily injury. A customer or client may file such a suit after suffering physical harm that occurs at your place of business or is due to your own or an employee's negligence.
- Personal injury. This type of claim concerns damages to a person's rights or reputation. Such things as copyright infringement, slander, libel, false arrest and invasion of privacy will fall into this category.
- Advertising injury. If another company should accuse your promotional efforts of triggering their losses, this coverage will come to your rescue.
In the event of a lawsuit, a commercial general insurance policy will assist not only in covering the costs of your legal defense but also in paying any judgments that might result if the courts should find in the plaintiff's favor.
Liability Insurance Requirements in Nevada
Most states require businesses to carry general liability insurance. Although the state of Nevada does not, doing so makes sense on a number of levels, particularly if you or any of your employees:
- Deal regularly with customers on a face-to-face basis.
- Use or access a client's tools, machinery or electronic devices.
- Often do business in a third-party setting.
- Enter into one or more contracts that stipulate its presence.
The range of your public liability coverage includes clients, patrons and customers, subcontractors, visitors and even individuals who trespass on your premises. Your product liability coverage, on the other hand, deals with injury resulting from work that you have done as well as with harm caused by goods that you have sold or manufactured.
Your Nevada Business and Modified Comparative Fault
The state of Nevada adheres to the concept of modified comparative negligence fault. Accordingly, a plaintiff whose own carelessness proves to have been between 1 and 50 percent responsible for his injuries will find his recovery amount lowered by the same proportion. On the other hand, a claimant who bore no responsibility whatsoever will always recover his entire judgment amount while one who proves to have been at least 51 percent accountable receives nothing at all.
Recommended Amounts of General Liability Insurance
When calculating premiums for commercial general liability coverage, Nevada insurance companies consider a variety of elements. The most important of these encompass:
- The type of service you provide.
- The products you sell or manufacture.
- The age of your business.
- The history of any prior claims.
- The number of individuals in your employ.
While no two companies will ever face identical insurance needs, most small businesses require coverage worth between $500,000 and $1 million. Naturally, a company that engages in risky operations or interacts substantially with the public should consider obtaining more.
General Liability at the Best-Possible Rate
Because different agencies develop their own standards for underwriting general liability policies, it is highly unlikely that any two carriers will give you the same quote. Although the premiums can differ so widely and for so many reasons, All Kinds of Insurance makes it simple. We will navigate these muddy waters to obtain for you the coverage you need at a rate you'll find attractive. Just click the "Get a Quote" link or call us at 702-534-4697. Our expert insurance agents will take it from there.