The small city of Alliance, Nebraska bases most of its economy on agriculture and ranching, but it is also home to several small businesses. If you are among the proud business owners who are doing their part to provide a service to the community and contribute the local economy, you will want to be sure to protect your investment with a suitable business insurance plan.
Buying commercial insurance products can be complicated and confusing for non-insurance professionals. Our Independent Insurance Agents in Alliance can eliminate the guesswork and help you build a comprehensive and affordable business insurance plan. Find an insurance agent near you to learn more.
Why Do Businesses in Alliance, NE Need Liability Coverage?
The majority of liability lawsuits in the US result in judgments exceeding $1 million. Liability coverage can, therefore, prove very valuable to your company. That is why all business insurance policies include commercial general liability insurance (CGL). Your policy’s CGL is designed to cover the costs associated with many of the common liability risks your business may face. It includes two main coverage components:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage if they occur as a result of an accident on your business premises.
- Product liability insurance: This can cover your business against lawsuits related to injuries, illnesses, or property damage caused by products your company produces, sells or promotes.
Every business is different. In some cases, other types of liability coverage may be appropriate. Some of the many other commercial liability products that you may want to consider include:
- Cyber liability insurance: This can cover against the excessive financial damages your company may face if hackers break through its firewalls and access sensitive customer data.
- Pollution liability insurance: This can cover the costs related to clean-up and restitution if your business accidentally pollutes the environment, including the land, water, or air.
- Liquor liability insurance: This can cover businesses that sell, serve, or furnish alcoholic beverages if they are named in a liability lawsuit after an intoxicated patron causes injury or property damage to others.
- Professional liability insurance: This can cover individuals in professional positions, such as real estate agents and financial advisers if they are sued for perceived errors in judgment or other professional mistakes.
An independent insurance agent can help you determine which of the many available liability products are right for your particular business.
What Kinds of Damage Does Commercial Property Insurance Cover?
Commercial property insurance is designed to cover your business-owned property against loss or damage caused by a number of hazards you are likely to face in Alliance. Covered assets include computers, office furniture, tools and machinery, outdoor signs, inventory, supplies, and more. Alliance businesses are most at risk for damage caused by hazards like structure fires, property crimes, and severe weather events like windstorms, hailstorms, and freezing temperatures.
Flood damage can also present a risk for Alliance businesses. However, property damage caused by floods is rarely covered by commercial insurance. Your local independent insurance agent will be well aware of this risk and can help you supplement your business insurance coverage with an affordable commercial flood insurance policy.
Why Is Business Interruption Insurance Important for Alliance Businesses?
The state of Nebraska sees its fair share of natural disasters.
- Number of federally declared disasters in Nebraska since 1953: 60
- Most common reasons for disasters in the state: Severe Storms
- Average number of tornadoes per year in Nebraska: 54.6
- Average amount paid in business insurance claims per year in NE: $1.35 billion
While Alliance has a rather low risk of tornado damage, other disasters have the potential to wreak havoc on area businesses. Imagine if your business burned to the ground following a lightning strike. Or what if frozen pipes severely damaged the walls and structure of your business and you were forced to remain closed for several weeks to make repairs? While the repairs to your business property may be covered, would your business be able to financially handle the lack of incoming revenue for an extended period? For most small businesses, this loss of income can lead to bankruptcy. That is why, in times of crisis, it pays to have business interruption insurance.
Business interruption insurance is designed to provide your company with a continuation of income in the event that it is forced to remain closed temporarily due to forces beyond its control. This insurance enables you to keep paying monthly expenses and employee salaries until you can resume normal business operations.
Do All Alliance Businesses Need Workers’ Compensation Insurance?
In Nebraska, most businesses are required to carry workers’ compensation insurance. It is not necessary to cover sole proprietors, domestic servants, railroad employees, or workers in certain agricultural operations. You can purchase workers' compensation coverage through a commercial provider or, if approved, your company may choose to self-insure. Workers’ compensation insurance is designed to cover the cost of medical treatment and lost wages if your employees get injured or become ill on the job.
In the unfortunate event that a workplace injury proves fatal, this insurance can also provide death benefits to surviving family members. Costs for workers’ compensation insurance are dependent on the types of jobs your employees do and the amount you spend on payroll. It would cost far more to insure an employee with a high risk of injury, such as a construction worker, than one with low risk, like a clerical office worker.
What about Insurance Products for Employee Benefits Packages?
Human resources experts have demonstrated that including benefits such as life insurance and health insurance in your employee benefits package can help your company attract and retain great employees. However, rising health insurance costs often make shopping for this coverage seem daunting. Fortunately, an independent agent can help.
- Average amount spent on healthcare coverage by NE businesses: $305,001
- Ranked 16th for highest medical insurance costs in the US
- Average annual cost of health care in NE: $5,431/person or $14,616/family
There are many different health and life insurance policy types and options available for you to choose from. This can make choosing the right coverage difficult. Fortunately, a local independent insurance agent can explain your various options and can help you make an informed decision about which are the best choices for your particular business.
Why Work with an Independent Insurance Agent in Alliance, NE?
Business owners in Alliance can find the best commercial insurance policies when they work with local independent insurance agents. These experienced agents can help you identify the various risks faced by your business, and can then help you find the best insurance policies to cover against those hazards.
Contact an insurance agent in or near Alliance to discover how easy it can be to build an appropriate and affordable business insurance policy.
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