Nebraska, nicknamed the “Cornhusker State”, ranked second best run states in America, according to a 24/7 Wall St report. The state is also ranked fifth in business friendliness on the CNBC 2011 America’s Top States for Business. Nebraska is also home to several Fortune 500 companies which include the Union Pacific Railroad and ConAgra Foods. Home to the Omaha Steak Company, Nebraska is famous for their steaks and other beef products; so it is no surprise the state is also nicknamed the “Beef State.” Aside from its award-winning steaks, Nebraska is also a leading grain producer and home to several popular attractions including the Agate Fossil Beds, Scotts Bluff National Monuments, and the Chimney Rock National Historical Site. Business in Nebraska includes many that are related to the agriculture, farming, and meat industries as it has over 100,000 acres of ranches throughout the state. So, along with attracting new clients for your business in Nebraska, make sure you’re protected with adequate business insurance in Nebraska.
Standard Business Insurance Coverages in Nebraska
An insurance policy held by an organization, also called a BOP, is an comprehensive small business insurance package that includes multiple liability coverages in one bundle. Property insurance and general liability are the two chief coverages that a BOP integrates into a single policy. Business owners insurance transfers risk away from the small business owner of Nebraska to the insurance company by providing protection for various areas of liability, including equipment, buildings, and legal liabilities. Common insurance claims that business owners insurance coverage in Nebraska protects you from include: personal injury, income loss, professional liability claims, valuable documents, equipment collapse, fire, legal liability claims, employee deceitfulness, money and securities, and property claims. The Nebraska-based organization might have other components added to the original BOP coverage depending on the possible risks of each individual business.
General liability insurance in Nebraska is meticulously planned to protect business owners from financial loss that can occur from negligent acts, omissions, or both, caused by the employer or their employees that may result in physical injury or property damage. Examples of the types of exposures typically covered under general liability insurance include contractual liabilities, liabilities from goods sold, and accidents on the insured premises. The damage or injury may be a result of negligence or unplanned. General liability insurance for Nebraskans may be a standalone policy or added to additional policies.
A package policy is a type of insurance policy for a business proprietor that combines two or more types of insurance into one policy, or bundle. A general package policy in the Cornhusk State incorporates general liability insurance (described above) and commercial property (described below); although a package policy may be designed to comprise almost any type of coverage, and depends on the needs of the company. A package policy in Nebraska is accommodating to an executive of a small business because it allows for plenty of flexibility to adjust to a policy particularly for the personal needs and risk exposures of the entity.
Commercial Property Insurance in Nebraska is available to supply coverage for any type of commercial property, including, valuable papers, building, supplies, equipment, furniture, inventory, and personal property. Commercial property insurance offers protection against a number of perils, like windstorm, hail, explosion, fire, theft, vandalism, lightening strikes, and natural disasters. Various industries can benefit from this kind of insurance, including retailers, small to large manufacturers, not-for-profit entities, and service-oriented business, like a restaurant.
Workers’ compensation insurance in Nebraska provides coverage against employee work-related injuries or occupational illnesses for any business with employees working for them. Workers’ compensation insurance in the state of Nebraska is a no-fault, state-mandated insurance system intended to provide benefits to employees who sustained injuries or an illness while on the job. Since the great state of Nebraska has specific requirements for entities with employees to carry workers’ compensation, failure to carry it can cause small business owners to pay severe fines and civil penalties, or occasionally, cause the firm to be liable for the cost of injuries sustained by their employees. By having workers’ compensation insurance in Nebraska, workers receive medical care and lost pay coverage in exchange for the guarantee that they will not sue the company.
If your company owns one vehicle or several vehicles, it’s necessary to be protected by commercial auto insurance in Nebraska. This type of insurance offers financial protection to Nebraskan companies and their employees by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for work operations. Commercial auto insurance covers damages and medical costs that result from vehicle accidents, along with vandalism and damage from hail storms. Coverage for businesses in Omaha, Nebraska may include vehicles owned, leased, rented, or hired by your organization, along with employee-owned vehicles used for work-related duties. For this latter reason, it’s recommended that enterprises obtain a commercial auto insurance policy if workers use their own personal vehicle to perform business functions; your insurance agent may refer to this as non-owned commercial auto insurance.
Commercial umbrella insurance begins where your general liability insurance, and your commercial auto insurance, or other liability coverage ends. Your company benefits from umbrella insurance because your existing liability policies may have coverage limits, and may not cover all expenses if a devastating or unexpected event occurs. Commercial umbrella insurance in Nebraska is a crucial source of coverage that fills in the gaps and covers explicit exclusions in your primary business liability coverage. Umbrella insurance is a great way to include extra protection for property damage, bodily injury, or other types of liabilities.
Some Additional Business Insurance Coverages in Nebraska to Consider
Errors and Omissions insurance policies provide Nebraska employers and individuals with protection against lawsuits and claims made by clients or customers for inadequate work, neglectful acts, mistakes, and oversights made while conducting business that resulted in a loss of revenue or output on the part of the customer or client. Errors and Omissions insurance in Nebraska covers legal defense and court costs, along with settlements as affirmed on the insurance contract. In the medical field, plastic surgeons require malpractice insurance, so small business executives who provide services or consulting advice, either directly or with subcontractors, need errors and omissions insurance.
Professional liability insurance provides added protection for workers, such as CPA’s, contractors, and consultants, from having to pay the whole legal cost of defending against a claim of negligence, error, failure to perform, or omission made by a client as well as damages owed in that claim. The coverage’s most important focus is on the monetary loss on the part of the client from this kind of suspected claim with respect to a product or service provided by the professional. Professional liability insurance may offer claim coverage, even if the legal actions end up being unsupported. Professional liability insurance in Nebraska is required by law in some kinds of professional practices, such as legal and medical, but certain professions require it by contract.
Employment Practices Liability Insurance in Nebraska (EPLI) provides firms with protection against accusations of discrimination, wrongful termination, sexual harassment, breach of contract, wage law violations, false imprisonment, emotional anguish, libel, slander, mental suffering, negligent hiring and promotion decisions, and defamation claims. Employment practices liability insurance is based on the laws, acts, and protection from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — all of which the Nebraska arm of the Equal Opportunity Employment Commission (EEOC) enforces.
Fidelity Bonds in Nebraska
Fidelity bonds in Nebraska are type of guarantee acquired by owners of small organizations in order to protect against losses, including fraud, embezzlement, or theft by one worker or a group of workers. Since repayment from employee deceitful practices is generally not available due to the money already being spent, fidelity bonds signify an important protection for a small business owner who would otherwise have to endure these financial losses. Even if your company has additional safeguards against these types of acts including employee screening, internal controls, and adequate supervision, it isn’t always enough. Losses suffered from employee thefts of money, property, or securities are all covered under fidelity bonds insurance for Nebraskans. There are three main types of fidelity bonds in the Cornhuskers State, which include business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Nebraska
A surety bond is a obligatory agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It represents the declaration they will pay a specified amount if a party fails to meet a commitment, such as satisfying the terms of the contract. A surety bond protects the addressee from loss if the contract is not fulfilled, while the surety company takes on the liability for nonperformance. A surety bond is generally required for financial compensation. Owners of Nebraska enterprises may need a surety bond to guarantee payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be adequate for licenses. While surety bonds in Nebraska are more commonly used in the construction industry, surety bonds are also used by mortgage brokers, medical suppliers, auto dealers, health club owners, notary publics, and others. Because of the variety of small companies that use and need bonds, there several different types and features of surety bonds in Nebraska that offer a wide range of guarantees.
Business insurance in the state of Nebraska is crucial and offers supplemental coverage in the case of a catastrophic event or unforeseen circumstances, which may occur due to various natural disasters. Additional risk exposures such as liabilities, litigations, and professional fraudulent activities like theft or other dishonest acts can be covered with supplemented business insurance policies. Whether you own a steak and seafood restaurant in Omaha or run historical tours in Lincoln, as a business owner you should provide your company with the best coverage available.