Find the Best Business Insurance Options in Nevada
Every business in Nevada is in need of a business insurance policy. Having coverage can allow your business to receive financial reimbursement after many types of disasters, ranging from theft to data breaches and beyond. Nevada is an attractive state for business owners for many reasons, particularly thanks to its high draw for tourism each year. But companies in this state are not immune to common and unexpected risks.
Nevada has nearly 270,080 small businesses currently. Its more than 487,400 small business employees are all in need of protection just as much as their companies are. Luckily, an independent insurance agent in Nevada can help you get set up with all the business insurance your company needs. For starters, though, here's a breakdown of Nevada business insurance.
Best Business Insurance Companies in Nevada
You could find a business insurance policy from many different carriers in Nevada, but not all would offer you the right picture of protection at the best rate. Some insurance companies offer better coverage and pricing than others, which is why we've compiled this list for you. Here are some of our top picks for business insurance in Nevada.
- Stillwater: Stillwater offers both business and personal insurance products. The carrier has excellent ratings from both AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting for customers.
- Nationwide: Nationwide also offers business insurance and personal insurance products. The carrier has excellent ratings by both AM Best and the BBB and offers 24/7 claims reporting.
- Liberty Mutual: Liberty Mutual offers several forms of business insurance and many personal products as well. The carrier is also a Fortune 500 company with great ratings from AM Best and the BBB and offers 24/7 claims reporting.
- Travelers: Travelers also offers business insurance and many types of personal coverage. The carrier is known for providing excellent customer service and many discount options.
A Nevada independent insurance agent can help you decide if any of these carriers offer the business insurance your company needs most.
Nevada Business Insurance Requirements
In Nevada, your business must carry workers' compensation coverage if it has at least one employee. Though this is the only mandatory type of business insurance in the state, your company would benefit from adding more coverage. For example, if you have any company vehicles used for deliveries, etc., it could be wise to purchase commercial auto insurance to protect against theft, lawsuits, and more. Also, you'll likely want to get commercial property insurance to protect company property like inventory and buildings against theft, vandalism, and more.
Nevada state law requires you to have workers' comp. for your business if you have even one employee. The only state-mandated type of business insurance is:
A Few Optional Types of Business Insurance Coverage in Nevada Are:
- Cyber liability insurance
- Business income insurance
- Commercial auto insurance
- Professional liability insurance
- Commercial property insurance
- Commercial general liability insurance
Working with a Nevada independent insurance agent is a great way to discover exactly which types of coverage your business needs.
What Business Insurance Covers in Nevada
A business insurance policy in Nevada is highly customizable. That means each policy will include the coverages you select and nothing more. In addition to workers' comp., commercial auto insurance, and commercial property insurance, your business might also require cyber liability insurance to protect against data breaches and other cyber threats. You'll also most likely want to add general liability coverage to protect against third-party lawsuits filed by customers and visitors to your business. A Nevada independent insurance agent can help recommend the exact types of coverage your business insurance policy would benefit from the most.
Liability Coverage Options for Small Businesses in Nevada
Nevada small businesses can be sued at any time, for any reason, by anyone. That's why having liability coverage is critical. The three main forms of business liability coverage in Nevada are as follows:
- Commercial general liability insurance: This covers the costs of lawsuits stemming from third-party claims of bodily injury or personal property damage caused by your business.
- Cyber liability insurance: This covers the costs of lawsuits stemming from data breaches and cybercrimes that can expose private data like customer credit card numbers or employee personal records.
- Professional liability insurance: This covers the costs of lawsuits stemming from claims of incorrect or improper advice given or services performed by your business.
A Nevada independent insurance agent can help your business get equipped with each type of liability coverage necessary to help protect its operations.
Property Coverage Options for Small Businesses in Nevada
Your Nevada business can also greatly benefit from having property coverage to protect against vandalism, fires, explosions, and other threats. Make sure not to overlook this coverage:
- Commercial property insurance: This covers the costs of theft, damage, or destruction to your business's property, including its buildings and inventory.
Your Nevada independent insurance agent will advise you on the right amount of commercial property insurance for your business.
Other Insurance Options for Small Business Owners in Nevada
You might still require other forms of coverage to fully protect your business against numerous risks. Be sure to consider these options for your business insurance policy as well:
- Commercial auto insurance: This covers costs stemming from incidents with company vehicles, such as lawsuits, accidents, theft, etc.
- Business interruption insurance: This covers costs stemming from temporary closures after covered incidents like fires by providing a continued income stream and employee payroll for your business while it's closed.
A Nevada independent insurance agent can help you complete your business insurance policy in the smartest way possible.
Average Cost of Business Insurance in Nevada
The average costs of business insurance in Nevada can be tough to predict since they vary based on many different factors. For starters, your business's size and industry affect the cost of its coverage. If your business is larger and has more employees, it'll require more coverage, which leads to higher premiums. The inverse is also true for smaller businesses. Beyond that, the very nature of your business's operations can impact insurance costs. High-risk industries, such as construction, must pay higher business insurance premiums to make up for the increased risk to the carrier.