Nevada Business Insurance: A Tailored Approach

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Nevada is a great place to start a business.   We have very favorable corporate formation laws, no state income tax and great weather year-round.   In the Las Vegas area, real estate is very affordable and we have a large labor pool ready to work.   Other than the occasional flash flood, we have very few natural disasters to disrupt business operations.

Business insurance is a critical component of a successful company.   You need to focus on making a profit and let the insurance company worry about the associated risk of loss.   However, every business has slightly different exposures and should have an insurance program that is tailored to their needs.  Below are some examples of industries that have very specific exposures, and the type of coverage they should consider:

  • Automotive repair shop (garage): because an auto repair shop takes physical possession of customers vehicles, they should purchase Garage Keepers Legal Liability.  This coverage covers damage or theft to the customer’s vehicle.   Garages should also purchase hired & non-owned liability or a traditional garage insurance policy to cover the operation of customer vehicles (such as a post-repair test drive).
  • Dry cleaners & launderers also take physical possession of customer goods (clothing) and need to purchase the proper amount of bailee coverage (damage or loss to customer’s clothing).   They should also consider pollution insurance in the event of a chemical spill or leakage.
  • Beauty salons and barbers should purchase a professional liability policy for themselves and any independent contractors working at the salon.   This coverage pays for injuries to customers that occur during the course of rendering professional services (i.e. hair, nails, facials, etc.).
  • Manufacturing operations should purchase equipment breakdown coverage, sometimes referred to as boiler and machinery insurance.   The cost of a large mechanical failure is potentially enormous when you include the cost of repair and the potential lost income.
  • Retail stores and offices should make sure they have adequate coverage for loss of business income in the event a claim forces you to cease operations for an extended period of time.
  • Bars and taverns should always purchase assault and battery coverage in the event a patron is injured due to an altercation involving other customers or employees.   We also recommend liquor liability coverage, despite Nevada’s protective laws for purveyors of alcoholic beverages.

There will probably never be a better time to start or relocate your business to the Silver State.   Just make sure your business insurance matches the needs of your business.   Safeguard Insurance specializes in business insurance of all types.  Please contact us today to discuss how we can help you find the best value for Nevada Business Insurance.

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