We always recommend a tailored approach to business insurance to ensure the specific needs of your Nevada business are covered. However, there are general coverages that every business insurance plan should include, no matter what industry you are in. Let’s call this coverage the Nevada business insurance basics. As an example, every business should consider the following coverage:
- General liability provides coverage for bodily injury and property that results from your operations, including services rendered or injuries at the business premise. This does NOT include injuries to employees or professional liability claims (such as an attorney, physician, accountant, engineer, architect, etc.)
- Property coverage can include a building you own or the contents of a leased location. Contents, or business personal property, includes inventory, furniture, fixtures and equipment.
- Loss of business income is a critical, and often overlooked, coverage that reimburses your lost net income plus any reoccurring expenses including payroll.
- Crime insurance provides coverage robbery of cash, employee dishonesty, forgery or alteration, or all of those things. Every business has exposure to crime losses and should consider crime insurance as part of their basic coverage.
- Employment practices liability protects you from employee claims of harassment, discrimination, wrongful termination, and much more. Also known as EPL coverage, employment practices liability coverage is very affordable and should be considered a fundamental party of your business insurance.
- Cyber liability insurance is quickly becoming a necessity as nearly every business now stores customer information of some kind, including names, address, credit card transactions, and email or other contact information. Cyber liability can address the cost to notify customers if a data breach occurs and pay for litigation expenses. Best of all, most cyber liability policies include free loss control tools to help you prevent a data breach from occurring.
A good business insurance plan should start with the above basics and then build from there. At Safeguard Insurance, we are business insurance specialists and can help you tailor an insurance program that is both comprehensive and affordable. Contact us today to get started!