Beatrice Business Insurance

Your Complete Guide to Beatrice, NE Business Insurance

Find the right business insurance policy for you.

Business owners going through insurance paperwork together in their coffee shop

Beatrice, NE is home to more than 1,100 businesses of varying sizes and scopes. Manufacturing and retail trade companies tend to do well in this city, but successful businesses representing a wide range of industries can be found here. As a business owner in Beatrice, you will want to be sure to protect your investment with a comprehensive business insurance plan. Obtaining the right coverage for your Beatrice business on your own can be complicated, but when you work with an independent insurance agent, the process is easy. Find an independent insurance agent near you to learn more about your many coverage options and to start comparing customized business insurance quotes. 

What Kinds of Liability Coverage Can Beatrice Business Insurance Provide?

Depending on the nature of the lawsuit, a liability claim against your business can end up costing your company in excess of $1 million. Many small businesses cannot endure a financial loss of that size. That is why commercial liability coverage is so important. All business insurance policies include commercial general liability coverage (CGL). This very important coverage is designed to cover court costs, legal defense fees, and damages for a number of common liability lawsuits that businesses can face. The two components of CGL coverage are:

  • Premises liability insurance: This can cover the costs associated with third-party injuries, illnesses and property damage that occur as a result of an accident on your business premises. 
  • Product liability insurance:  This can cover your Beatrice-based business against lawsuits resulting from injuries, illnesses or property damage caused by products your company produces, sells, or promotes.

Companies often have liability risks that go beyond what CGL can cover.  Fortunately, there are a number of other types of commercial liability coverage available that may be appropriate for your business. These include:

  • Cyber liability insurance: This can cover the costs associated with restitution and punitive damages if hackers break into your company computer system and access your customers’ personal and/or financial data.
  • Environmental liability insurance: This can cover businesses that use or produce toxic substances in the event that an accident leads to pollution of the land, water, or air.
  • Employment practices liability insurance: This can protect your business finances if a current or former employee sues your company for harassment, discrimination, or wrongful termination.
  • Professional liability insurance:  Also called errors and omissions insurance, this can cover those in professional positions against charges of errors in judgment and other professional mistakes.

There are a variety of liability insurance types available. An experienced independent agent can help identify all types that may be of benefit to your business so that you can be fully covered against all of your liability risks.

Beatrice Business Insurance Covers Your Commercial Property

In addition to covering your business against liability risks, commercial insurance is designed to cover against loss or damage to your business property. Commercial property insurance can cover such things as computers, furniture, outdoor signs, tools and machinery, inventory, and more. 

  • 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

Tornado activity in the Beatrice area is 94% greater than the overall US average. These storms can cause a great deal of destruction to business property. Other risks that area business owners face include lightning, heavy winds, hail, and freezing temperatures. It is important that you purchase property coverage in suitable amounts to fully cover your business in the event of a catastrophe. A local independent agent can help you be certain that you have the right policies in place to insure all of your business assets.

Business owners should also be aware that flood damage is typically excluded from business insurance coverage. If your Beatrice business is at risk for damage caused by flash floods or overflow events, you can talk to your independent agent about supplementing your coverage with a commercial flood insurance policy. 

Is Business Interruption Insurance a Good Idea in Beatrice, NE?

Property damage isn’t the only loss that business owners need to worry about in the wake of a disaster. An F3 twister touched down just 2.6 miles from the Beatrice city center in 1991. A disaster like that could result in such serious damage that your business would need to remain closed for several weeks while repairs were made. 

Business interruption insurance can provide your company with a continuation of income if you are forced into a temporary closure due to a covered event. This insurance enables your business to continue paying monthly bills, loan installments, and employee salaries until it is able to once again resume normal operations. Coverage is typically limited to up to one year.

Most Businesses in Beatrice Need to Carry Workers’ Compensation Insurance

Businesses in Alliance must remain in compliance with Nebraska state laws.  In this state, nearly all employers are required to carry workers’ compensation insurance. Exceptions are made when it comes to coverage for sole proprietors, domestic servants, railroad employees, and workers in certain agricultural operations. Workers’ compensation insurance is designed to cover the cost of medical treatment and lost wages if employees get injured or become ill on the job. If a workplace injury is 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 employees with a high risk of injury, such as tree-trimmers, than workers with low injury risk, like cashiers. Your local independent insurance agent can help you purchase workers' compensation coverage through a commercial provider or, if approved, your company may choose to self-insure. 

What about Insurance Products for Employee Benefits Packages?

Studies show that offering your employees benefits such as life insurance and health insurance can help you attract and retain great employees. Many businesses can even qualify for tax credits for doing so.

  • 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

You have a lot of different types of policies and options available to you when you are shopping for employee coverage products. Your local independent agent can answer your insurance-related questions, explain your various coverage options, and help you find and review a wide range of competitively priced policies.

Why Work with an Independent Insurance Agent in Beatrice?

As a business owner in Beatrice, you may find it beneficial to have the assistance of a local insurance professional when you are building your commercial insurance coverage.  Independent insurance agents can help you identify the various exposures faced by your business and can then recommend the right types of policies to cover you against these risks.  

Find an insurance agent in or near Beatrice to learn how easy it can be to build a suitable and affordable commercial insurance policy.

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181/
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/
http://www.city-data.com