If you own or operate a credible business in Nevada, you carry liability insurance. It’s really that simple. If you don’t because you think you’re saving money, you need to reconsider your stance. If you’re starting a business and liability isn’t a line item in your projected operating budget, get in there.
Why the insistence? What protections does it afford? How do you determine coverage needs? And, wait for it… How much does it cost? Let’s take these questions in reverse order.
It’s not expensive. You’ll likely spend more on gas each week than on your commercial liability insurance in Nevada policy. Costs naturally vary depending on the size of the company, number of employees, type of industry and associated risks, and services or products provided. Unsurprisingly, building contractors pay more than graphic artists.
The important question isn’t how much commercial liability insurance costs. Rather, it’s how much does it cost not to have it. We live in the world’s most litigious society. When people have an unfortunate or displeasing episode, they sue. And while the sue-happy mentality is repugnant to most of us, it’s a reality. The truth is that liability insurance will cost somewhere between $700 and $3,000 a year for most businesses. Place that cost next to attorney’s fees and the damages awarded to the employee, customer, or bystander who brings a substantiated claim against you. Without insurance, you’ll likely lose the business and all assets.
WHAT IT DOES
Commercial liability insurance protects a company’s assets and pays for obligations – like medical costs incurred when someone gets hurt on your property or injuries caused by you or your employees. It also covers the cost of your legal defense and settlements or awards to plaintiffs.
The coverage you need depends on the type of business you are in and its associated perceived risk. Your business location is also another factor that comes into play. If you fall into a low risk category, you may want to consider a Business Owner’s Policy (BOP), which combines general liability and commercial property insurance at a cost-effective rate.
FIND A TRUSTED NEVADA BUSINESS INSURANCE PROVDER
A reputable provider will quickly determine needs and optimize coverage before you invest in a policy. When events occur that could lead to a claim, notify your agent immediately. Record all relevant details including time, date, witnesses, and everything you know about the accident or episode. Once that’s done, leave it to your agent and provider, learn from the experience, and get back to safely operating your business with the assurance that you’re covered.
Need comprehensive commercial liability insurance in Nevada? Contact Altus Insurance Group today: Leave us a message or call (775) 828-7420.