Las Vegas, Unique Insurance Needs
By: Mary Thompson, Capstone Brokerage President, January 26, 2016
Las Vegas is a place where visitors and residents have almost everything at their fingertips, all hours of the day and night. Over the years many things have changed, but the hospitality industry has always been a constant in Las Vegas. Looking back, hospitality also played a huge role in my career. I have had the pleasure of working with several entertainment companies and nightclubs to ensure proper insurance coverage was in place for these facilities.
Insuring Las Vegas’s Constant Need for Change
Change is common here. Unlike most cities, Las Vegas’s skyline and the town itself have changed so much. It is hard to describe really, but an aerial view of Las Vegas when I arrived compared to now, 30 years later, is hard to compare. I can remember years ago where most roads were under construction, new homes and neighborhoods began popping up everywhere, and commercial centers were opening on almost every street corner. New residential and commercial projects in Las Vegas create construction risk that need to be insured.
One thing that has always remained the same in my opinion is the idea behind Las Vegas Blvd. Though it has had many major improvements over the years, the concept behind the Las Vegas Strip has ALWAYS remained the same…let loose, put your inhibitions aside and be treated like royalty.
Insuring Las Vegas Careers
People from all walks of life live in Las Vegas. For the past 3 decades I have called Las Vegas my home. I have raised a family here and now I am watching my children raise theirs. Opportunity for employment in Las Vegas is endless and ever changing. Construction has always been a normal way of life, making the construction industry is the second largest job creator in the city.
Like in all other cities, there are normal career paths, but we also have ample employment opportunities unlike anywhere else in the world. From dealers to burlesque dancers: there are unique opportunities here, which mean unique insurance needs. For example, providing uncommon careers with workers compensation coverage can be tricky not all insurance carriers provide a classification code for a fire thrower or contortionist. Different career paths increase a business’s exposure to risk, thus making the insurance industry here distinctive and special to say the least.
Things here in the city of sin, well they are a changing. Everyone knows gambling plays the most vital part in our cities economy. Casinos and local taverns employ a lot of the population. Recently, other cities have caught on to our magic formula and now casinos seem to be opening all across the country: from California, Cleveland, New Jersey, etc. So what does that mean for Las Vegas? In my opinion, it means we have to adapt and get creative to separate us from the rest and remain a top tourist destination. Be sure to check out my next Insight, “Insuring Las Vegas’s Constant need for Change.”
