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If you own a small business in the Silver State, this information will help you understand Nevada Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in Nevada.
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If you own a small business in the Nevada , this information will help you understand Nevada Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Las Vegas, Henderson, Reno, Carson City, Paradise, Spring Valley, Enterprise or anywhere else in the Silver State having sufficient commercial liability coverage is an important part of any small business plan in Nevada.
A small business is defined as any company with fewer than 500 employees. Small business is vital to Nevada’s economic well-being, accounting for over 95% of all state employers. Of Nevada’s 215,786 small businesses in 2008 (the latest data available), 47,772 were small employers, accounting for nearly 43% of the state’s private-sector jobs. Another 215,786 were sole proprietorships with no employees.
Source: SBA Nevada Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Nevada business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in Nevada. Nevada is a modified comparative negligence fault state. Generally, a plaintiff must prove that the other party was negligent, and if he or she was 51% or more at fault, there is no recovery. If the plaintiff is 50% or less at fault, the amount recovered is reduced by the percentage that the plaintiff’s carelessness contributed to his or her own injury. The statute of limitations for any personal injury is 2 years. The product liability statute of limitations is 4 years. Accidents and lawsuits (legitimate and frivolous) do happen in Nevada. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Nevada small businesses.
Each situation is unique, but as a general guideline, the type of Nevada business you operate or products you manufacture should determine how much Nevada commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
Nevada commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
Nevada Division of Insurance
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | doi.nv.gov |
| Call: | (888) 872-3234 |
| Write: | Nevada Division of Insurance 1818 E. College Pkwy, Ste 103, Carson City, NV 89706 or 2501 E. Sahara Ave, Ste 302, Las Vegas, NV 89104 |
Nevada Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains a District Office in Las Vegas. Get the link to the Nevada SBA at www.sba.gov.
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org.
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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