General Liability Insurance

General Liability

Owning a business in Nevada means that you are open to risk, whether you are a large multi-national or a local small business. Business general liability insurance will protect both your business and your own personal assets from any legal claims that might be made against your company. No business, big or small, should leave themselves vulnerable to financial settlements that might ruin them.

General Liability Insurance for Businesses

A general liability insurance plan for any business should be comprehensive and provide protection against damage or injury claims from your employees or anyone else who might be harmed.

Property Damage

Property damage coverage protects against any damage that you or an employee might cause to someone else’s property. The damage must occur while conducting business.

Personal Injury

When it comes to business insurance, personal injury does not mean physical injury. It means any damage to a person or another business’s reputation through slander or libel, copyright infringement, false accusations, or invasion of privacy.

Bodily Injury

Bodily injury coverage is for physical injuries caused to a member of the public by yourself or an employee. This can be in your workplace, or it could be at another workplace or home if your business involves work done on the property of your clients.

Advertising Injury

This is coverage for any damages you might cause someone through your advertising practices. This could mean that during an advertisement you made false claims about a competitor, or even stealing an advertising idea from another company or an individual.

Legal Defense Coverage

Your business might find itself defending against lawsuits, whether they are frivolous or legitimate. This coverage will provide you with reimbursement for costs associated with your defense.

Business General Liability Insurance Needs

While having general liability insurance is not a requirement by law, it is still important for you to have. Liability in Nevada is based on a modified comparative negligence system. This means that a plaintiff has to demonstrate that your business was at least 51% at fault for the damages or injuries. If it is 50% or less, then no damages are awarded. The size of the award is also affected by what percentage of the damages or injuries were caused by the plaintiff’s own actions. There is a lot of subjectivity in deciding on percentages, which means that even a seemingly frivolous lawsuit could leave you with a hefty settlement to pay. If you do not have coverage, then it could severely damage your business or your personal assets.

Every business is different, and how much overage you need will depend on your specific situation. For a small business, anywhere between $500,000 and $1,000,000 would be sufficient. However, some businesses carry extra risks, such as contractors and even ones that interact with the public regularly, like retail stores. You may want to have increased coverage if this is the case with your business. If you run your business from home, then your homeowner’s insurance may have some coverage for business activities, but it may not be sufficient.

General Liability Insurance Costs

The cost of your general liability policy will depend on several factors, including the type of business you run, how many people work for you, and your history of insurance claims. You can also add optional policies, such as employee disability insurance, commercial property insurance, and professional liability insurance.

Make sure that you don’t lose your company or your savings because of a liability claim against you. Talk to the professionals at Plus One to make sure that you have the coverage you need for any eventuality.