Small businesses make up more than 99 percent of all Nevada companies.1 Whether they’re a professional cleaning service in Las Vegas or a retail store in Reno, they all need business insurance to stay safe.
Nevada business insurance is critical to protect your small company and your employees. It can help provide a financial safety net after accidents and unforeseen events, such as:
NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.*
Continue reading to learn about important types of business insurance in Nevada. Or get a free instant quote to see customized coverage options for your business.
Insurance companies sell business coverage in customized packages, which can be built around the needs of Nevada business owners. Most businesses in the Silver State require multiple types of policies to protect them in different situations.
For example, a four-person trucking company in Las Vegas, Nevada may need general liability insurance in case they cause property damage or injury, commercial auto insurance to protect their vehicles and workers’ compensation coverage for when the team is hurt on the job.
While an accountant in Boulder City is likely to need professional liability coverage in case they’re accused of making a professional error that causes financial losses, and commercial property insurance to protect their business property and the building they own.
General liability coverage, also called business liability or commercial general liability, is an essential form of small business insurance in Nevada. It can help pay for medical costs, damages and lawsuit expenses if a non-employee claims that your business caused an injury or property damage.
For instance, a customer at a small cafe in Las Vegas accuses a barista of spilling a scalding cup of coffee on their arm and seeks medical care. The business owner’s general liability coverage could help cover the customer’s medical expenses.
Cleaning and construction companies may also want to add tools and equipment coverage to their general liability policy. This optional add-on can help replace or repair essential work items that are stolen, lost or damaged.
State law requires most businesses with employees to carry Nevada workers’ compensation insurance. If a staff member gets hurt on the job, this type of coverage can help pay for medical bills and lost wages during recovery.
For example, an employee of a Henderson-based construction firm has a heat stroke working on a summer job, is rushed to the hospital and needs a few days off to recover. Workers’ comp coverage could help pay the employee’s medical bills and cover a portion of lost wages while they’re unable to work.
Nevada businesses that own vehicles or drive for business reasons need commercial auto insurance. That’s because personal auto coverage won’t pay for accidents while behind the wheel on business.
For instance, a self-employed plumber in Carson City has a wreck en route to a job near Lake Tahoe, damaging his work van and two other cars. Commercial auto insurance could help pay to repair the vehicle damages and cover medical bills if anyone suffers bodily injury.
Hired and non-owned auto coverage is an optional add-on to commercial auto policies. If you ask employees to drive their own vehicles or rent cars for business, you’ll want to make sure this type of coverage is included in your insurance needs.
Nevada commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as water, fire or wind incidents.
For example, a kitchen fire at a Las Vegas strip fast casual restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace items that were ruined.
It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Some locations might not cover flood or hurricane damage.
Claims of professional negligence can result in a hefty bill even if you did nothing wrong.
That’s where professional liability coverage, which is also known as E&O or errors and omissions insurance, comes into play. It can help pay for damages or lawyers’ fees if you’re sued.
For example, a client alleges that an event planner failed to secure a conference room and AV equipment for an event at the Reno-Sparks Convention Center and demands reparations. The event planner’s professional liability insurance could help pay for damages to settle the claim, along with court costs and attorney bills if the client files a lawsuit.
The cost you’ll pay for business insurance depends on your profession, your employment practices and other factors. That means your premiums may be different than those of the Nevada business right next door to you.
Here are some of the things insurance providers look at when preparing your estimate:
If you work in an industry that has greater chances of injuring someone or damaging property, you’ll spend more on small business insurance in Nevada. For example, a landscaper will often pay more than a real estate agent.
Business insurance will cost more as you add policies to your coverage package. Most businesses need more than one type of policy to protect them in different situations.
A business with 10 employees will pay more for workers’ compensation insurance than one with five staffers. Having your actual employee numbers will simplify the process of getting an accurate quote.
The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.
You can also use our insurance calculators for a general estimate of insurance costs in Nevada:
We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.
You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.
Learn more about insurance options in the states where you work.