If you’re a small business owner, it’s important to make sure you have the right Las Vegas Business Insurance in place. That’s why we’ve put together a list of six essential covers every small business should have. Whether you’re running a restaurant or a retail store, these policies will help protect your business from potential risks.
Protecting your business with the right insurance cover is essential. While there may be some optional insurance policies you could consider, there are six essential types of cover that all businesses should have in place. Here we take a look at each of these covers and explain why they are so important for small businesses.
Types of Las Vegas Business Insurance Covers for Small Companies
1. Business Interruption
The business interruption coverage is designed to protect a business from losses resulting from the interruption of its income and the loss of its physical property and inventory.
Accordingly, before making a decision on whether to purchase this coverage, you should carefully assess your potential losses in the event of a disaster. Compare these potential losses with the premium charged by your insurer for business interruption coverage. You are well advised to have an appraisal made of any property lost or damaged, no matter how small the loss. This appraisal will be invaluable if there is subsequently a claim under business interruption coverage.
2. General Liability Insurance
General liability insurance protects a business from claims and lawsuits due to bodily injury or property damage. This type of policy also covers legal fees and settlement expenses up to the limit selected by the insured.
General liability policies typically include bodily injury, personal and advertising injuries, medical payments (malpractice), false arrest, libel and slander, product contamination, malicious prosecution and abuse of process as well as computer fraud & abuse. The policy may also cover other general incidents such as Fire Legal Liability Protection, Products/Completed Operations Liability Protection, Commercial General Liability Insurance, Employers Liability Insurance, Umbrella Liability Insurance, Commercial Auto Insurance, Worker’s Compensation Insurance, and Excess Liability Insurance.
3. Professional Liability Insurance
Professional liability insurance, also known as professional indemnity insurance (PII), is a type of liability insurance that protects professionals from claims made by clients or customers for alleged loss, damage or expenses suffered as a result of errors and/or omissions (E&O) committed in the course of rendering professional services.
This usually includes legal expenses and defense costs. They obtain this coverage through membership in professional associations which maintain “round robin” programs among regional member carriers to provide excess coverage to members above a stated retention amount. As recently as 2005, there had been calls for stricter legislation on using commercial insurance for professional indemnity.
4. Cybersecurity Protection
By purchasing the right cyber security product you can ensure your business is protected against hackers, phishers and other kinds of fraudsters. There are a myriad of options available when it comes to internet security products, ranging from free or cheap software for regular consumers to more expensive appliances and services used by large companies.
Protecting your business needs a lot more than just using regular anti-virus/malware protection as it involves much more than that alone. You will need an appliance or service that offers not only protection but also has the ability to block incoming malware attacks before they even reach your system, as well as preventing those from breaching outside networks.
Preventing hackers from breaching your security system is one of the most important tasks. A lot of cyber attacks start with a hacker guessing or finding out your username/password to login into your computer, website etc. If they manage to do that you are basically defenseless as there is no way to stop them once inside.
5. Property Damage Protection
Property Damage Protection is a coverage that helps pay to repair or replace the insured’s property. The Standard Automobile Policy will usually contain Property Damage Liability coverage, which pays for physical damage caused by the insured vehicle in an accident.
Types of physical damage covered by Property Damage Liability include injury to another person, injury to another car, and damage to any object other than a car. Some insurance policies may have additional types of physical damage that are included in the Property Damage Liability coverage.
6. Workers Compensation Insurance
Workers Compensation Insurance Coverage provides wage replacement and medical expenses for employees injured on the job regardless of fault. Company owners can opt out of Workers’ Compensation Insurance coverage if they provide proof of sufficient assets to cover all claims, third party suits . However, if a company owner does not have assets from which to pay claims, he still must provide coverage.
Employees who become injured on the job can file a Workers’ Compensation Insurance claim for wage replacement and medical expenses. A group of doctors called the workers’ compensation physicians review each case and approve treatment plans . If a problem arises with an employee’s care or diagnosis, a utilization review will take place in order to investigate the situation further.
Conclusion:
If you’re a small company owner, it’s important to make sure you have the right Las Vegas Business insurance in place. That’s why we’ve put together a list of six essential covers every small business should have. Whether you’re running a restaurant or retail store, these policies will help protect your business from potential risks.
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