If you’re starting a business in the Vegas valley or anywhere else, you’re going to need some kind of business insurance to protect your company, your assets, and you.
The types of business insurance available to you will vary according to your industry and your location.
For Las Vegas business insurance, agents like us can help you navigate the complexities of commercial insurance products. In general, though, here are some of the coverages you might want to think about:
What Business Insurance Can Cover
Business insurance comes in a lot of different flavors.
Liability insurance is one of the most common – and the most important – types of insurance your business needs. It protects you, your employees, and your assets in case someone files a lawsuit against you. This is probably what you think of when you hear the phrase business insurance.
You might need additional protection from something like malpractice insurance or professional liability insurance, which specifically protects you in cases where your job duties may cause harm to another person, such as in medical practices or when your service includes giving people advice. Product liability insurance is similar; it covers legal damages if someone is injured by one of your products.
Property insurance is another common type of commercial insurance to consider. It’s very similar to your homeowners insurance, and covers your financial losses if your property is damaged or destroyed under circumstances covered by your policy.
With your bases covered, consider some of these other types of insurance a business can use to protect their company and income:
- Commercial vehicle insurance is especially designed to cover work vehicles that your employees use
- Fidelity insurance (also called fidelity bonding) helps protect your business from dishonest employees
- Loss of income insurance can cover expenses such as employee wages and your rent if your income drops
- Business interruption insurance helps you get back to work if your business functions are interrupted and you have to temporarily close
- Key person insurance is just what it sounds like – it covers your losses if a key employee becomes incapacitated, kind of like life insurance on your top performers
- Cybercrime insurance pays if you are a victim of an online attack
- Record retention policies help defray the costs of lost data and important records
Of course, insurance can do much more than that. There’s insurance for almost anything! Ask your insurance agent about custom and specialty coverage for your business.