Best Business Insurance in Las Vegas

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Contributor, Benzinga
June 10, 2020

Las Vegas isn’t only for gambling. The desert city offers fertile ground for entrepreneurs willing to take a chance. Census data reports nearly 60,000 businesses in Las Vegas. Nearby Henderson, Nevada, adds another 25,000 businesses, which gives Clark County over 160,000 total business owners. 

The right business insurance can reduce many types of risks, making your Las Vegas business a safer bet. Here’s what you’ll need to know before choosing insurance for your Las Vegas business.

Best Business Insurance Options in Las Vegas

Best known for entertainment ranging from dancing fountains to soaring towers and even mystical white tigers, the Las Vegas Valley is home to businesses of all stripes. We gathered our list of the best insurance options in Las Vegas and focused on insurers that offer flexible coverage to meet the needs of most Las Vegas businesses. 

Compare quotes and policy features to find the coverage you need. In many cases, you can get same-day coverage to protect your business sooner.

Best Overall for Business Insurance: The Hartford

We like The Hartford for a lot of reasons and the insurer’s unshakeable 200-year history is just 1 reason to take a closer look. Coverage in all 50 states makes The Hartford a convenient choice for Nevada businesses or even those with locations in multiple states. 

Choose from comprehensive core packages such as The Hartford’s business owner’s policy (BOP). Businesses with specialized coverage needs can customize coverage using professional liability coverage or workers’ comp and employment practices liability coverage. The Harford also offers business income protection and cyber liability coverage.

With broad coverage options and customizable packages, be sure to put The Hartford on your shopping list when you compare business insurance quotes from top insurers. 

Best for Tailored Coverage: Simply Business

Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. 

Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s policies, liability plans and more that will cover everyone on your team, and you can get covered in accordance with Nevada law without overspending. 

Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.

Best for Small Businesses: Hiscox

  • securely through Hiscox's website
    securely through Hiscox's website
    Best For:
    Small businesses with both part and full-time employees
    Read Review

Not sure which coverages your small business might need? Look no further than Hiscox’s over 100 years of experience. Hiscox has small business insurance down to a science, streamlining the process. Just select your industry and Hiscox suggests which types of coverage your business should consider. Live help brings a human touch if you need a hand choosing coverage types.

Same-day coverage is available and Hiscox offers convenient monthly payment options that help you manage your business budget. 

For many Las Vegas businesses, a business owner’s policy from Hiscox offers a solid foundation. However, if you have additional risks to insure, you can also choose from professional liability insurance, workers’ comp coverage or even an umbrella policy to raise your liability limits without breaking the bank.

Best for Self-Employed: State Farm

Self-employed business insurance can cover a wide range of industries and business types. Consider working with an insurer like State Farm, which offers a broad selection of coverage options for businesses in nearly every industry. From auto repair to real estate to wholesaling, State Farm brings a specialized package for each industry and allows you to tailor your coverage to meet the needs of your Las Vegas business. 

For those who prefer working with an agent directly, State Farm has one of largest agent networks in the U.S. Let an experienced agent help you craft a customized package to protect your Las Vegas business. Get a quote to compare and see how much you can save.

Best for Commercial Auto: Progressive

Progressive brings similar savings to business auto coverage, even though it’s best known for its affordable auto insurance. The company also offers other types of business insurance, such as workers’ comp, cyber liability coverage and more in addition to staples like general liability and commercial property coverage. Other insurance types are offered through Progressive’s affiliates and may vary based on industry or location. 

Many small businesses may need business auto insurance even if your vehicle performs double duty as a family hauler. You can count on Progressive to help you cover the gaps and ensure you’re well-protected no matter how you use your vehicle. 

Best for Fast Coverage: biBERK

  • securely through biBERK's website
    securely through biBERK's website
    Best For:
    Staying compliant with state and federal regulations
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Although not as well known as some other insurers, biBERK brings decades of experience specializing in business insurance. As part of Berkshire Hathaway’s family of insurance companies, you can depend on an insurer with rock-solid financial strength ratings and insurance packages for nearly any industry.

In many cases, you can insure your Las Vegas business without the need to speak to an agent. biBERK’s easy-to-navigate platform suggests coverage types based on a short questionnaire about your business. With advertised savings of up to 20%, biBERK offers affordable coverage and covers nearly every type of business. You can have a policy in place in just minutes.

Types of Business Insurance

Some insurers offer dozens of types of business insurance policies. However, basic insurance types may be enough for many businesses. Here are some of the most common types of business coverage.

General Liability

Your general liability insurance is the coverage that protects your business against slip-and-fall accidents and similar risks. You can think of general liability as protection for 3rd-party damages. However, your coverage addresses losses due to specific risks. Expect coverage for many types of bodily injury claims and property damage liability. 

Product Liability

For businesses that make, distribute or sell products, product liability insurance is a must. Even the best-designed products can lead to accidental injury. Your product liability insurance can help cover the cost of many product-related lawsuits, shielding your business assets and protecting your future earnings.

Commercial Property

A commercial property insurance policy can protect the buildings your business owns as well as the contents of your business. If you rent a space, your policy focuses on equipment, inventory, supplies and improvements. Many policies also pay for debris removal or pollution cleanup if you have a covered claim.

A business owner’s policy, a popular starting point for Las Vegas businesses, combines the protection of a commercial property policy with general liability insurance.

Workers’ Compensation

Nevada law requires businesses with 1 or more employees to purchase workers’ comp insurance. As the name suggests, workers’ compensation provides a uniform way to compensate workers injured on the job. This no-fault coverage protects both the worker and the employer by paying benefits regardless of who is at fault for the injury and shielding the business from many work-injury lawsuits.

Professional Liability

General liability insurance is must-have coverage, but it can’t protect your business against some industry-specific risks. If you’re in the business of giving advice, consider buying professional liability insurance to protect your Las Vegas business. Also known as errors and omissions (E&O) insurance, this specialized coverage can be tailored to protect your unique business from financial losses caused to others due to errors or oversights. To err is human, but there’s a cost-effective way to protect your business.

Cost of Business Insurance in Las Vegas

The cost of insurance for your Las Vegas business can vary based on a number of rating factors. Insurers consider how long your business has been operating, your claims history, business size and industry. Coverage limits also play a role in business insurance rates. Progressive, a leading provider in our lineup, reports an average monthly premium of about $80 for a business owner’s policy that offers commercial property protection as well as general liability coverage. 

Your business may require additional coverage types. Fortunately, you can often save money by bundling coverage from the same insurer. For example, a business owner’s policy is a popular option for Nevada businesses because it combines 2 essential policy types in 1 package. You may also earn discounts with some insurers for bundling commercial auto insurance or other insurance types.

Be sure to ask whether your business qualifies for other discounts. Some insurers offer lower rates for members of certain trade groups, for longtime customers or claims-free customers.

Choosing the Best Insurance for Your Las Vegas Business

Business insurance can seem more complex than personal insurance because the risks can come from more directions. However, today’s policies and packages make business insurance shopping easier than ever. 

Get some quotes to compare prices, but don’t let price be your only consideration. Ask questions to be sure you understand your coverage and that you have the right types of coverage. A well-planned business isn’t a game of chance. More than 40% of small businesses will have a claim in the next 10 years. Is your business covered?