It’s important to protect your business with the right business insurance policy. However, finding the right one can sometimes be a challenge. The best business insurance in Nebraska has multiple features and offers protection for various businesses. We’ve evaluated the best business insurance providers for your aid based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in Nebraska?
The state of Nebraska requires business owners to carry insurance depending on the nature of their business, and you may need to carry certain types of insurance policies.
If you have employees, you must provide workers’ compensation coverage. You also need to pay unemployment tax, which is an added cost to doing business in the state.
If your company has any vehicles, you’ll need commercial auto insurance. A company vehicle could be a delivery truck, service van, or even a car that allows employees to run errands while they are on the clock.
What are the types of business insurance in Nebraska?
The following are some of the most common forms of business insurance you’ll want to consider purchasing:
General liability
Businesses take out general liability insurance to cover any bodily injury or property damage claims filed by customers or anyone else who interacted with the company. This type of coverage would pay for the injured party’s medical bills, lost wages, legal fees, and other damages related to the incident.
General liability insurance does not cover the following:
Claims for damages resulting from faulty artistry or product defects
Intentional acts, fraud, or dishonesty
Product recall expenses
Workers compensation
Workers compensation insurance protects your employees if they’re injured or become ill while at work. This includes injuries that occur on-site and illnesses or injuries that occur off-site during work hours. Workers compensation can also protect you against lawsuits from employees who believe their injury was not properly cared for following an accident.
Workers compensation insurance excludes coverage for employees on the job while intoxicated. If an employee has been drinking or using drugs, they are considered “intoxicated” and therefore not covered by Workers Compensation insurance. Another exclusion from workers’ compensation includes injuries or death caused by a deliberate act of the worker.
Product liability
Product liability insurance helps protect your business if someone gets hurt or sick after using a product you sell or manufacture. Product liability coverage includes your products’ design, manufacturing, and labeling.
Product liability insurance does not cover:
Defective workmanship.
Bodily injury or property damage away from the premises where the product was manufactured, stored, or sold.
Business interruption
Business interruption insurance is a type of business property insurance that protects a business’ income during times of disaster. It covers the loss of income that a business suffers after a disaster and the necessary expenses to continue operations. This policy covers lost earnings following damage to an insured’s property. It also covers operating expenses incurred during business operations are suspended.
Business interruption insurance does not cover:
Injuries to employees, customers, or others
Damage to equipment, inventory, or other property
Losses caused by work stoppage due to strikes, lockouts, or other labor disputes
Commercial Auto insurance
Commercial Auto insurance protects vehicles used for business purposes from physical damage caused by accidents, theft, vandalism, and natural disasters. It also covers injuries and property damage that occur due to a car accident for which your company is liable.
Here are examples of what Commercial Auto insurance does not cover:
You’re using your car for personal reasons. While your car is insured for business purposes, you’ll need a personal auto policy to cover the times when you’re driving for pleasure or commuting to work.
You’re using someone else’s car for business purposes. Even if you have permission from the vehicle’s owner, your Commercial Auto insurance won’t extend coverage to their car.
How much does business insurance cost in Nebraska?
Several factors affect the cost of your business insurance. These include:
Company size: A larger company will typically require more insurance than a small one. A larger business also creates a statistically higher chance of liability claims or property damage, which increases the risk of insurance losses.
Your business location: If you’re located in an area where there’s a high risk of accidents or other claims, then you’ll pay more for your insurance. Industrial risks will normally be assessed for the industry they work within.
Claims history: Firms with a good claims history may benefit from lower premiums. However, if you’ve made any claims on your policy in the past few years, this may increase your premium.
Coverage limits: How much coverage you need depends on your business. You will likely need higher limits than a low-risk operation if you have a high-risk operation. Higher limits usually mean higher premiums.
Business Activities: If your business is involved with particularly dangerous activities, such as manufacturing or construction, you’ll pay more for insurance than if you’re involved in a professional service industry. Your risk is greater, so insurers will charge more to compensate.
How to choose the best business insurance in NebraskaÂ
Here are some tips on how to choose the right business insurance policy for your needs:
Consider how much coverage you need: The amount of insurance coverage you need depends on the type and size of your business, as well as its location. Talk to your agent about which types of insurance are a good fit for you.
Check on your local laws: There are many different state laws regarding the types of coverage businesses must carry and how much coverage they must carry. Make sure that the policy you are considering covers all of the requirements in your state.
Shop Around: First and foremost, you need to shop for insurance. Contact several companies, tell them about your business, and ask for quotes. Make sure you’re comparing apples to apples; don’t just look at the price. Ask about each company’s claims process to determine which offers the best service.
Experience: Find an insurer with experience providing coverage in your industry. This will ensure that they know any specific risks or regulations that may affect your business and tailor the right policy to fit them.
Know what’s included and excluded: Understand what’s covered and what’s not covered under each policy. Ask questions, read policy information and make sure you’re fully informed before deciding on an insurance plan.
