Starting Your Nevada Business: Navigating Your Insurance Needs

Nevada Small Business Development Center • December 3, 2024

Launching a new business is an exciting venture, but with that excitement comes many important decisions, including one that can be both confusing and stressful: business insurance. Many new entrepreneurs find themselves asking two key questions: What kind of insurance do I need? and Where do I start looking? In this guide, we’ll walk you through the essentials, helping you better understand your insurance options to navigate and select the right coverage for your business.


What Kind of Insurance Does Your Business Need?


With dozens of different policies to consider, navigating the world of business insurance can be overwhelming. To help simplify the process, let’s take a closer look at the six most common types of insurance that small businesses typically need:

  1. General Liability Insurance
     This policy helps protect your business from claims related to bodily injury or property damage that might occur during the course of business. If you run a product-based business, it’s worth considering Product Liability Insurance, which specifically protects against claims related to injuries or damage caused by your product.
  2. Business Income Coverage (Business Interruption Insurance)
     This type of insurance can help replace lost income if your business is forced to close unexpectedly due to a covered event, such as a fire or natural disaster. It can provide crucial support during periods when your business isn’t operational.
  3. Commercial Property Insurance
     This policy safeguards your business’s physical property—such as buildings, equipment, or inventory—if they are damaged due to covered incidents like fire, theft, or vandalism.
  4. Workers’ Compensation Insurance
     In Nevada, if you have any employees, you’re legally required to carry Workers’ Compensation Insurance. This coverage provides benefits to employees who are injured or become ill on the job, covering medical expenses and lost wages.
  5. Commercial Auto Insurance
     If you or your employees use vehicles for business purposes, this policy covers accidents that occur while you’re on the clock, helping pay for damages or injuries.
  6. Professional Liability Insurance (Errors and Omissions Insurance)
     This is a must for service-based businesses. It protects you from claims related to mistakes made while providing professional services—such as negligence, misrepresentation, or errors in advice. Professionals like consultants, engineers, physical therapists, and attorneys often carry this type of insurance.

For many small business owners, combining multiple types of coverage into a Business Owner’s Policy (BOP) is a practical solution. A BOP typically bundles General Liability Insurance, Business Income Coverage, and Commercial Property Insurance into a single, more affordable package.


Where Should You Start Looking for Business Insurance?


Once you have a clear understanding of the insurance types your business may need, the next step is figuring out where to acquire these policies. Here are a few helpful tips:

  1. Consult Your Personal Insurer
     If you’re satisfied with your personal insurance provider, they might also offer commercial insurance options. Reach out to them to see what business insurance packages they recommend.
  2. Ask Your Business Neighbors
     If you’ve set up a physical location for your business, asking neighboring business owners about their insurance providers may yield some great recommendations.
  3. Tap Into Your Network
     Fellow entrepreneurs can be a valuable resource. Ask other small business owners, both in person and online (through forums or social media groups), for their insights on the best insurance providers.


Tips for Getting the Right Business Insurance


While finding the right insurance policy may seem daunting, here are a few tips to ensure you make informed decisions:

●      Compare Policies First, Then Prices: Don’t just go for the cheapest option—make sure you’re getting the coverage your business truly needs.

●      Read Policies Carefully: Take the time to understand what’s covered (and what isn’t) before committing to a policy.

●      Research Provider Reviews: Look into the reputation of the insurance companies you’re considering. Pay attention to customer reviews and industry ratings.

●      Consult Experts: The Nevada Small Business Development Center (SBDC) is a fantastic resource for new and existing business owners. Offering no-cost small business advising services, they can help with reviewing your business insurance options.


Partner with Nevada SBDC


Navigating business insurance can feel like a heavy burden when you are already juggling many other tasks. Fortunately, the Nevada SBDC is here to help. Our team of expert advisors can guide you through the process, ensuring you’re informed about the coverage that suits your business needs.

If you’re ready to get personalized assistance, connect with a Nevada SBDC advisor today by filling out the New Client Assessment atnsbdc.ecenterdirect.com/signup.

Through the State Small Business Credit Initiative (SSBCI), Nevada SBDC advising services are designed to prepare you for access to capital, thereby promoting economic growth through business starts, increased sales and job creation. With the idea to address market gaps and promote the growth of small businesses across all communities in Nevada, this program aims to enhance a business’s capacity not only to secure capital, but also fortify its operational resilience, positioning it for sustainable growth and success in a competitive market.

Learn more about SSBCI and get matched with a Nevada SBDC advisor that best suits the needs of your business today at https://nevadasbdc.org/ssbci/.

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Did you know our state is working to create opportunities for small businesses that want to grow? A new loan program launched last year by the Nevada Governor’s Office of Economic Development (GOED) offers flexible, fixed-rate loans up to $250,000 for qualified small businesses.

The Battle Born Growth (BBG) Microloan Program gives small business owners like you a boost in funding to upgrade equipment, hire new employees, or pay for other expenses to grow your business. The best part about this program is free access to one-on-one guidance and technical assistance from experts who understand the unique challenges small businesses face.

If you need support to get loan-ready, experts at the Nevada Small Business Development Center (SBDC) are there to help. Fill out the loan pre-application to see if you qualify and get connected with a lender or technical assistance provider today!

Find more information at https://nvmicroloans.org/

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