Doing business in Nevada requires that all business-owned vehicles be covered by commercial auto insurance. This policy protects the cost of any accidents involving work vehicles. Additionally, the law of this state mandates that any person or entity entering into a contract to perform construction work must be properly licensed by the Nevada State Contractors Board for the category of work they intend to do. These laws are designed to safeguard the public. If you hire someone who is not licensed to perform construction work, your remedies against them may be limited to a lawsuit in civil court.
You may be liable for damages resulting from any injury suffered by an unlicensed contractor or their employees, as well as for tax withholding, contributions under the Federal Insurance Contributions Act, and contributions to industrial insurance and unemployment compensation. You must also comply with other applicable state and federal employment laws. Furthermore, any construction that takes place on your property must comply with all applicable laws, ordinances, building codes, and regulations. The contractor must include your license number in all of their advertisements, vehicles, offers, and contracts. You can contact the Nevada State Contractors Board to find out if a contractor has a valid license and, if so, the status of that license.
The Board has comprehensive information on the status of all licensed contractors in the state of Nevada. This information is available through the Nevada State Contractors Board's “voice response” system. Any contractor working on residential property must provide information about the Residential Recovery Fund. Nevada recognizes the value of a Consolidated Insurance Program (CIP) in today's construction market. Errors and Omissions (E&O) insurance, sometimes referred to as professional liability insurance, is common in professional services in Nevada.
The Recovery Fund can make a payment if you suffer financial damage as a result of a project carried out at your residence under a contract, including construction, remodeling, repair, or other improvements, and if the damage is the result of certain specified violations of Nevada law committed by a contractor licensed in this state. In order to apply for the CIP, the owner or contractor must submit a consolidated Insurance Program application to the Division for approval 60 days before the project begins. Business insurance can be affordable for small business owners in Las Vegas and elsewhere in the state. Finding project insurance options available to you or your business in Las Vegas can be overwhelming. However, with some research and knowledge of Nevada's laws and regulations regarding contractors and insurance policies, you can make an informed decision about which option is best for you. The Nevada State Contractors Board provides comprehensive information on all licensed contractors in the state and can help you determine which policies are right for your business.
Additionally, researching different types of business insurance policies can help you find an economical option that meets your needs. When looking for project insurance options in Las Vegas or anywhere else in Nevada, it is important to consider all available options. It is also important to understand what type of coverage is necessary for your particular project. Knowing what type of coverage is required will help you make an informed decision about which policy is right for you. Additionally, researching different types of business insurance policies can help you find an affordable option that meets your needs.