Las Vegas General Liability Insurance

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Las Vegas General Liability Insurance

Everything You Need to Know About Protecting Your Business with Las Vegas General Liability Insurance

In addition to being the Entertainment Capital of the World, Las Vegas, Nevada, is notable for its luxurious and extremely large casinos and associated gambling activities. With endless opportunities and favorable business regulations, many business owners and employers are flocking to Las Vegas for fun, money and excitement.

The city also offers one of the best tax climates in the nation. The state does not impose business income taxes, personal income taxes, royalties taxes, or gift taxes. The wages in this area are also lower than the national average, which makes hiring labor cheaper.

Under these favorable conditions, small business owners from a wide range of industries thrive in Las Vegas. To protect your Las Vegas business from risks and unforeseen costs, get general liability coverage today.

What is Las Vegas General Liability Insurance?

It is important to have general liability insurance coverage to protect your assets. Unforeseen incidents can cause serious damage to your company. It is imperative that companies take preventative measures to safeguard their businesses in case of accidents on their property with small business insurance.

Las Vegas business owners can acquire general liability insurance to protect themselves from such expenses. You can choose affordable plans tailored to your business insurance needs when you work with Stampede Insurance.

Who Needs Las Vegas General Liability Insurance?

Liability insurance for businesses generally covers risks including bodily injury to customers, property damage, and advertising damages. By securing liability insurance, you'll be able to qualify for contracts and leases that require coverage and protect your small business at the same time.

A small business that deals directly with customers or clients should invest in this type of insurance. Occasionally, it is also referred to as commercial general liability insurance (CGL). By purchasing this policy, you will be protected from going bankrupt in the event of a lawsuit by your customer or rival.

By law, a Las Vegas business is not bound to acquire general liability insurance; however, it is probable your landlord, potential clients, or mortgage company might insist on it. If you provide your customers, banks, and property managers with an insurance certificate, they will feel more confident working with you. You must have an insurance policy if you are going to defend your business against lawsuits involving injury or property damage.

What Types of Businesses Need Las Vegas General Liability Insurance?

Contractors don't need business owners' policies or property insurance if they don't have an office in Las Vegas or expensive equipment. General liability insurance, however, is important to cover accidental injuries.

  • Product Liability Insurance - You will be protected if an injured customer sues you after using your product.
  • Hired And Non-Owned Auto Coverage (HNOA) - This type of policy provides coverage for company-use vehicles that the company does not own.
  • Cyber Liability Protection - Under this coverage, financial damages to the organization can be minimized when facing a breach or cyberattack. It is of particular importance for organizations that handle sensitive data.
  • Commercial Property Insurance - With this policy, your business property is protected. These types of insurance policies are often referred to as a business owner's policy (BOP) when paired with a general liability policy.
  • Liquor Liability Insurance - Protecting your company from alcohol-related risks is imperative. It may be necessary to have this protection if you are applying for a liquor license.

How Much Does Las Vegas General Liability Insurance Cost?

The cost of general liability insurance coverage varies based on the size of your business, the industry you are in, your location, and the amount of coverage you need. In 2019, the median cost for a small business is around $500 annually.

When calculating premiums for commercial general liability coverage, Nevada insurance companies consider a variety of elements. The most important of these encompasses:

  • The type of service you provide.
  • The products you sell or manufacture.
  • The age of your business.
  • The history of any prior claims.
  • The number of individuals in your employ.

While no two companies will ever face identical insurance needs, most small businesses require coverage worth between $500,000 and $1 million. Naturally, a company that engages in risky operations or interacts substantially with the public should consider obtaining more.

General Liability Insurance requirements in Las Vegas

Each state has unique laws and penalties for general liability insurance. In most states, general liability insurance is required as soon as a business hires its first employee.

General Liability Insurance is required in Las Vegas for all employers, even those with fewer than one employee. Las Vegas law requires business owners to carry workers' compensation insurance for employees who work in the state regularly, even if the business's headquarters are located in another state.

On the other hand, other states don’t mandate coverage until a business has two, three, four, or more employees.  

Do I need General Liability Insurance if I am self-employed?

Self-employed businesses are typically not required to carry this type of insurance. States generally require businesses with employees to purchase general liability insurance.

However, sole proprietors, independent contractors, and other self-employed business owners may buy this policy to fulfill the terms of a contract or to protect their income.

Most health insurance policies exclude coverage for work-related injuries and illnesses. If you carry general liability insurance as an independent contractor, your medical bills will be covered when you’re injured on the job.

 Some businesses don’t want to deal with the expense and hassle of a workplace injury. That’s why they might require contractors who work for them to carry their own business insurance, including general liability insurance.

This requirement limits legal liability for the client. Independent contractors with business insurance are more likely to seek payment from their insurance companies if they are injured while working on a project.

Why you should choose Stampede Insurance?

We are Offering General Liability Insurance in California and other states.

Having comprehensive Las Vegas general liability insurance coverage can protect your people and your business from losses and financial damage.

At Stampede Insurance Services, we can provide your liability insurance needs in Pasadena, California, including the Anaheim, Long Beach, Los Angeles, Riverside, and San Bernardino areas in addition to these states: Alabama, Arizona, California, Florida, Kansas, Kentucky, Louisiana, Mississippi, New Mexico, Nevada, Oklahoma, and Texas.

Get insurance in less than 10 minutes and enjoy big savings with our unique flexible coverage with easy payment schemes. Our agents will be more than glad to assist you with your claim and benefits.

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