Small Business Insurance Basics in Las Vegas, NV

When you own or operate a small business, you must account for significant risks and exposures on a daily basis. That’s because, while small businesses can be rewarding ventures, they also typically lack the financial backing and emergency funds of larger corporations. Even minor accidents and isolated errors can have far-reaching ramifications. Fortunately, you can fortify your finances and protect your prospects by understanding and maintaining the right small business insurance.

Why Do I Need Small Business Insurance?

Even if your company operates out of a single location and does not provide off-site services, the most simple office-related tasks can still invoke measurable risk levels. For example, if you operate an insurance agency or work as a chiropractor, you must still account for the possibility of professional errors or outside threats, such as natural disasters and criminals. Additionally, some small businesses may need to comply with legal requirements, such as to carry workers’ compensation insurance.

What Coverage Should Small Businesses Have?

A small business’s risks and exposures are often unique and may be determined by various circumstances, such as their location and the industry in which they operate. However, several types of insurance may prove valuable for most companies. As you begin to assemble your small business insurance portfolio, consider prioritizing the following:

• General liability insurance

• Commercial property insurance

• Workers’ compensation insurance

• Business income insurance

• Professional liability insurance

• Cyber liability insurance

• Employment practices liability insurance

• Commercial umbrella insurance

How Much Does Small Business Insurance Coverage Cost?

When calculating rates for appropriate coverage, insurance carriers may consider many criteria, such as the following:

• Type of business

• Location

• Size of workforce

• Value of insured assets

• Estimated annual revenue

• Claims history

• Coverage details (e.g., limits and deductibles)

Learn More

Contact Liberty Choice Insurance today to learn more or get a personalized small business insurance quote.