Las Vegas Business Liability Insurance

Las Vegas business liability insurance can protect your company from third-party claims brought against you (even meritless claims). Your Las Vegas business liability insurance company will have the duty to defend and the duty to indemnify. In other words, your insurer will cover all legal fees, including attorney fees and court costs. Furthermore, your insurer will cover the settlement or damages.

You definitely need Las Vegas business liability insurance to protect your small or medium-sized company, since a lawsuit could mean financial ruin. However, unfortunately, a basic commercial policy may not be enough protection. If you're offering advice, or practicing some sort of profession, for example, there's a good chance that you need professional liability coverage. If a claim is brought against you regarding a mistake that you supposedly made, your general Las Vegas business liability insurance won't protect you.

That being said, there are some kind of policies that you don't need to cover you or your Las Vegas company. Don't let a Las Vegas business liability insurance agent talk you into getting more coverage than is necessary for your Nevada company. Over insuring is expensive! On the other hand, make sure you purchase substantial policies, so that you can sleep at night and your company is well-protected.

General Liability Coverage

Your Las Vegas business liability insurance will cover third-party claims related to property damage, personal injury and advertising injury. In other words, if someone gets hurt on your property and tries to sue, your Las Vegas business liability insurance or protect you. Also, if someone claims that you've committed libel against them, your basic Nevada liability insurance will generally cover you.

Of course, that's only true in the case of an unintentional wrongdoing. If you, or an employee of your Las Vegas, NV company, intentionally lies, your basic liability insurance may not cover you. Generally, if you break the law or act dishonestly (or your employee does), your insurer will step out of the picture. If you want, you can purchase employee practices liability insurance (EPLI), which will protect you if an employee does something wrong unbeknownst to the company.

To clarify: your basic Las Vegas business liability insurance only includes third-party claims. So, if there is there's a lawsuit in the workplace, the company is on its own (unless you have EPLI). You may want to protect your Las Vegas business from lawsuits brought forth by employees, such as wrongful termination or harrassment charges. You never know who's going to try to sue.

Las Vegas Malpractice

You may need to have professional liability coverage if you're offering advice, building houses, or practicing any profession that could be called into question. Most professions could benefit from a malpractice policy. Technology specialists, architects and managers tend to have malpractice coverage these days.

Malpractice, or errors and omissions, covers you from third-party claims related to your professional ability. Note that these can be completely meritless claims, and sadly, they often are. Obviously, almost all Nevada doctors and attorneys have this kind of coverage. As you might have guessed, malpractice can be very expensive. However, luckily it can be deducted from your business income.

Insurance Policies You Don't Need

Believe it or not, there are some policies that are absolute waste of money for your NV business. For example, one thing you probably don't need, even if you travel, is a travel and flight policy. Most likely your current health policies are sufficient for incidents that happened during travel. Furthermore, most airlines offer flexible tickets, especially for business travel. Why waste the money?

Another policy you may have heard about (and don't need) is cancer insurance. Your health insurance policy should cover cancer treatment, so this policy is obviously a waste of money. You probably weren't considering this kind of policy for you or your business, But it can help to recognize that these sorts of useless plans (and sometimes scams) are out there.

Naturally, you don't need coverage for natural disasters that never happen in Nevada. Sometimes agents will try to sell you extra coverage, because they take a percentage of whatever your premium is. This is called "sliding". Obviously, you don't want to pay for coverage you need, because that's an unnecessary cost for your Las Vegas business. And, it can be a very expensive extra cost!

The best way to avoid paying for more coverage than you need is to fully understand what kind of coverage you're purchasing your your Las Vegas company. If you understand what your policy entails, you won't end up purchasing excess coverage. Also, you can avoid over buying by choosing Las Vegas business liability insurance agent that you trust. Your agent will help you choose a reliable insurer, and help you select the appropriate policies for your particular industry.

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