If you’re thinking about starting a business in Las Vegas or the surrounding areas, we respect your ambition and initiative! Owning your own company is challenging, but also highly rewarding.
The process of starting your company might seem daunting, but don’t be intimidated.
Getting licensed and set up is easier than you might think.
You’re going to have questions along the way, of course. We’re here to help you with at least one of your answers.
Do I Need Business Insurance in Las Vegas?
In Nevada, commercial liability insurance isn’t mandatory. If your business has at least 1 employee, you must carry workers compensation insurance, and any vehicles must also be insured.
Even though it’s not required by the state, commercial liability insurance is a really good idea.
Your liability insurance policy gives you financial protection in case of lawsuits, whether frivolous or justified. It also covers you in case of loss from things like:
- Physical injuries
- Libel and slander
- Copyright infringement
- Wrongful eviction
- Property damage
- Losses caused by advertising
- Legal defense
Before you decide to skip the commercial liability insurance, realistically evaluate your business risk. Would your business survive if someone sued you?
If you’re like most small business owners in Las Vegas, one lawsuit would probably force you out of business.
How Much Insurance Coverage Do I Need?
For most small businesses, commercial liability insurance coverage between $500,000 and $1,000,000 is sufficient.
Some businesses have more risk, though, and coverage should be higher.
High risk businesses have lots of interaction with the general public, provide products with higher risk of misuse or injury, or involve dangerous activities. Here are some examples:
- Retail stores
- Construction companies
- Food and supplement makers
- Maker spaces
If you have a higher risk business, talk to an insurance agent about how much coverage you should get. Being underinsured is a serious risk.
Some industries require specialized insurances, so as you’re licensing your company, be sure to check and see if you’re required to carry specialized insurance. For example, trucking companies must have insurance to operate.
When in doubt, consult an insurance agent. There’s always someone happy to help.