Nevada General Liability Insurance – NV
Nevada General liability insurance is crucial coverage to have for all businesses big or small.
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This type of insurance shields your business against different claims stemming from injury to third parties or your customers.
The fact is that most businesses face some level of risk, which is why they need general liability insurance.
This type of coverage can help protect your business against claims related to malpractice or bodily harm.
General liability insurance in Nevada is offered in several types of coverage, and the one you require will depend on the form of business you have.
For example, if you have a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Key Reasons Why You Need General Liability Insurance in Nevada
One of the many common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that growing any kind of business is already risky.
General liability insurance in Nevada not only protects your business against claims stemming from injury and property damage, but also from any claims as a tenant if you are renting a space.
Further, it extends coverage for not only your business, but also your coworkers against claims originating from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business needs general liability insurance.
Workers’ Compensation Insurance in Nevada
If you are a handy worker, you already know about the cash you can lose if you fall ill.
As a handyman, you are not protected by government workers’ compensation perks, therefore you should have NV handyman insurance.
Research indicates that injuries to independent workers in Nevada were up by a whopping 12 percent.
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When you invest in Nevada general liability insurance, you are covered financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance plan you opt for, you may also be eligible for cash for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to buy general liability insurance in Nevada.
If your company offers services that can cause injury to others including clients, then investing in general liability insurance should not be an option.
One excellent example of this is NV dog walker insurance, which protects your pet sitting business if the animal causes hurt to others.
Another example is when you are repairing your client’s drywall, and they fall over your tools, then you will be have to pay for their injury.
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If you invest in general liability insurance in Nevada, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Nevada is to safeguard your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly break an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance policy.
Nevada General liability insurance can help cover your business against any lawsuits arising from claims that you failed to deliver services as promised.
Things such as negligence can be covered under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agency to check if they give this form of insurance.
While general liability insurance covers your business against myriad different kinds of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling things under your own company, then it is wise to have general liability insurance in Nevada, and here is why!
If a person claims bodily hurt due to the use of your company’s products, then general liability insurance will shield you against these types of claims.
And if you sell your products online, then it is a good idea to check out NV ecommerce insurance to better shield your interests.
Take, for example, your company is selling facial creams, and a person has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, there are few things that may not be covered under your insurance terms.
The first thing that may not be shielded is against incidents not related to your services. Employee illnesses may also not be covered under your general liability insurance contract.
As a business, you may be storing several expensive tools in your vehicle or even at your client’s property.
If these accessories do get stolen, you will need specialized general liability insurance.
In the event of theft of your personal belongings, your truck insurance policy will not replace these tools against theft.
Another area where general liability insurance may not offer coverage is if you make errors in your services.
When buying general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not cover costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL form of insurance covers your corporation against claims that cause bodily injury or property damage to someone else.
Further, general liability insurance also covers your corporation against reputational harm or errors in your advertising.
Certain examples of things general liability insurance will cover your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes with claims against your business that originate from errors in the services you offer.
For example, if you are a chartered accountant that offers a client incorrect figures, and they sue you, professional liability insurance will provide the legal expenses.
If you offer professional services to clients, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your business has several workers, opting for employee liability insurance is a good idea.
This type of insurance protects your employees against any injury they may sustain at the workplace.
Furthermore, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The price for general liability insurance changes across insurance providers. It depends on several different factors including the type of business you are handling.
For example, if you are running a roofing business, then the charge for your premiums will be above that other forms of businesses, hence you should check out NV roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk industries can expect to pay higher premiums such as construction categories.
You can save money if you pay for your insurance plan in full annually.
Further, you can also save cash on your general liability insurance policy if you club all your policies under one insurance company.
You should also minimize your company claims on your general liability insurance plan.
How to Look For General Liability Insurance Companies in Nevada?
When finding the best general liability insurance agent in your area, it is important to check the organization’s reputation.
You should then choose your coverage limit, where the higher the coverage, the higher the charge of premiums.
But it is highly important that you select the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance agent to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.