Have You Reviewed Your Current Insurance Coverage?
When you look at most Nevada businesses, one thing that they have in common is that they constantly review their business plan, no matter what type of business they conduct. It doesn’t matter if it’s your services, and/or products, or sub-contractors and vendors your company uses, every facet of your company is always under some kind of review. Since review is such an integral part of any business, the question is when was the last time your company thoroughly reviewed all of your insurance policies? If the answer to that question is you have no idea when the last time was that your insurance policies were reviewed, then our suggestion is to start a review process immediately.
General Liability Insurance Policy
The first place to start is with your General Liability Insurance Policy in Las Vegas, NV by reviewing your policy limits; are the liability limits enough to cover your company should a major claim be filed against it? If your company sells any kind of product, the limits in your General Liability policy may not be enough. If that is the case, your company should look into acquiring an Umbrella/Excess Liability Insurance Policy for added protection. One important thing to remember when checking your General Liability Policy is to make sure that the coverage includes completed operations and/or products liability coverage. A great example of this recently occurred when our agency was quoting a renewal for a company that had several products on the market. This client, both, built the products and also had their own retail outlet selling their products. When we presented the quote to this potential client, our quote was quite a bit higher than their current general liability policy, and the client was wondering why we were so much higher. In reviewing his current General Liability Policy, we discovered that products/completed operations coverage was excluded on his policy, therefore, giving him no products coverage at all. Needless to say, he was not happy when he discovered this.
Property Insurance Coverage
An additional area of coverage that Las Vegas clients tend to overlook is insurance coverage for their property. Please review and check to see if, over the past year, your business has added or deleted any kind of property including machinery, parts, tools, inventory, and confirm that your property insurance includes theft coverage. Our agency just recently signed a new client who came to us after having experienced a break-in and after filing a claim with their carrier, they discovered that theft coverage had been excluded from their property policy. Believe me, this is definitely not the way you want to discover you have no coverage. If your company is in the area of providing professional services such as medical care, consulting, web design, engineering, architectural, or any one of the many businesses that provide professional services.
Professional Liability Coverage
In addition to General Liability Coverage, it’s crucial that you also have Professional Liability Coverage. Having Professional Liability Insurance Coverage will help protect your company should a claim or lawsuit arise from either a negligent act or a Las Vegas error or omission that was performed by your company in the services you provided to one of your clients. These particular types of claims can be quite expensive regarding legal fees and any settlements, so acquiring this type of coverage can help protect your company.
Commercial Auto Insurance
Another important area of coverage to review is your company’s auto insurance. One of the first tasks is to make certain that your auto policy is a commercial auto policy and not a personal auto policy. In most cases, a personal auto policy will exclude coverage when the vehicles are used for commercial use. An additional endorsement that you also need to add to your commercial auto insurance is hired and non-owned auto liability insurance. This type of automobile liability insurance coverage will protect your company if an employee of the company is driving their vehicle on company business, and there is an accident. Non-owned auto liability insurance coverage will protect your company should there be a lawsuit filed against your company since your employee was on company business at the time of the accident. The suggested minimum limits regarding auto insurance coverage should be limits of one million dollars, depending on the number of vehicles in your fleet.
Professional and Experienced Insurance Broker
We understand that each Las Vegas company is unique, and each company will require their own insurance program, so that’s why it is vital for you to consult with a professional Las Vegas insurance broker to develop an insurance plan that will protect your company and one that is tailored to your company’s specific needs. If this is a course of action you would like to take for your company, please call the experienced brokers at PJO Insurance Brokerage to set an appointment to review your current insurance policies.
PJO Insurance Brokerage – Patrick O’ Neill
9850 S Maryland Parkway Suite A-5-262
Las Vegas, NV 89183
Office: 702-370-4799 / 877-234-5759