Commercial Insurance Basics

When you open a business in Las Vegas, NV, you might first think of buying office furniture or computers. Still, one of your first purchases should be business insurance, also called commercial insurance. Leo Insurance Group wants you to understand the complexities of commercial insurance.

That sounds simple, but many types of commercial insurance exist, and the types you need for your business may differ vastly from what your best friend’s business does. Every business needs a liability policy and property damage insurance. As long as you hire employees, it would be best to carry a worker’s compensation policy. The remaining types of policy coverage required to adequately reduce your business risk and protect your finances vary by the type of business.

For example, a dentist, ophthalmologist, or physician would need a malpractice policy, one of the many specialties. A dry-cleaning business requires an inland marine policy to protect its customers’ clothing while on its property or in transit to or from their home if it offers a pickup or delivery service. While both might benefit from business interruption insurance, neither would require a boiler insurance policy which typically serves manufacturing and other industrial companies.

The best method for developing the appropriate business insurance policy for your company is to meet with your insurance agent to discuss your business, review your business plan, especially your risk analysis, and determine which types of property and liability policies you need. These might include:

  • Business owner’s policy
  • Builder’s risk/construction insurance
  • Business interruption insurance
  • Commercial auto
  • Crime insurance
  • Debris removal
  • Directors’ and officers’ liability policy
  • Equipment breakdown/boiler & machinery insurance
  • Errors and omissions insurance (E & O)
  • Glass insurance
  • Inland marine insurance
  • Malpractice/professional liability
  • Ordinance or law policy
  • Tenant’s policy

Stop by or call Leo Insurance Group serving Las Vegas, NV today to learn how to protect your business best. Our free consultation helps you determine which insurance policy types will best suit your business endeavor.