The city of Blair, NE is home to many small businesses. While companies in the manufacturing and retail trade industries are most common here, any business that meets the growing needs of the community has the opportunity to thrive. If you are among Blair’s proud business owners, you will want to be sure to protect your investment with business insurance. Building a comprehensive business insurance plan can be complicated for those who are unfamiliar with the ins and outs of commercial insurance products. Independent Insurance Agents in Blair can eliminate the guesswork and help you get the coverage you need at a competitive price. Find an insurance agent near you to learn more.
Why Do Businesses in Blair Need Liability Coverage?
Many liability lawsuits against businesses in the US result in judgments exceeding $1 million. 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. Its two main coverage components are:
- Premises liability insurance: This can cover 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 third-party 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: The can cover your business against the excessive financial damage it may face if hackers break through its firewalls and access sensitive customer data that has been stored electronically.
- Environmental liability insurance: The can cover the costs related to clean-up and restitution if toxic substances used or produced by your business pollute the land, water, or air due to an accident at your facility.
- Employment practices liability insurance (EPLI): This can cover the cost of defending your company if a current or former employee makes an accusation of illegal business practices such as discrimination, harassment, or wrongful termination.
- Commercial vehicle liability insurance: This is designed to shield your company from excessive liability losses in the event that one of your drivers causes a collision while doing a job for your business.
- Professional liability insurance: This can cover individuals in professional positions, such as real-estate agents and event planners if they are sued for damages caused by 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?
All business insurance policies also include commercial property insurance. This coverage is designed to cover your business-owned property if it is lost or damaged. Covered assets include office furniture, inventory, tools and machinery, outdoor signs, computers, supplies, and more. Businesses in Blair are most at risk for damage caused by hazards like structure fires, tornadoes, windstorms, hail, and freezing temperatures. In fact, the tornado risk in Blair is 83% greater than the overall national average.
Fortunately, all of these hazards can be covered by your business insurance. Flood damage can also present a risk to Blair businesses—especially for those close to the Missouri River and Cauble Creek. Unfortunately, flood damage is rarely covered by business insurance. If your business is at risk, your local insurance agent can help you supplement your coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
Why Is Business Interruption Insurance Important for Blair 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
In additional to natural disasters, man-made disasters, like the electrical fire that destroyed Blair’s historic Carnegie Library in 1973, have the potential to force your business to remain closed for a long time. Would your business be able to financially handle the lack of incoming revenue if it were forced to remain closed for an extended period in the wake of a disaster like a tornado? For most small businesses, a loss of income of this magnitude 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 during the times that it is forced to remain closed temporarily due to a covered event. This insurance enables you to keep paying monthly expenses and employee salaries until your company can resume its normal business operations.
Do All Blair Businesses Need Workers’ Compensation Insurance?
In Nebraska, nearly all employers are required to carry workers’ compensation insurance. There are a few exceptions. It is not necessary to cover sole proprietors, domestic servants, railroad employees, or workers in certain agricultural operations. Workers’ compensation insurance is designed to cover the cost of medical treatment and lost wages if an employee is injured or becomes 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.
Your cost for workers’ compensation insurance will be 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 roofer, than to cover one with low risk, like a receptionist. Your local insurance agent can help you purchase workers' compensation coverage through a commercial provider that specializes in covering businesses that operate in your industry. Or, if approved, your company may opt to self-insure.
What about Insurance Products for Employee Benefits Packages?
Human resources professionals have repeatedly demonstrated that offering your employees benefits such as life insurance and health insurance can help your business attract and retain good employees. However, rising health insurance costs often make shopping for this coverage daunting. Don’t worry. 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
Independent agents can help you review the many health and life insurance policy types and options that are available to you. That way, you can make an informed decision when deciding which are the best policies to include in your employee benefits package.
Why Work with an Independent Insurance Agent?
Business owners in Blair can find the best commercial insurance policies when they work with local independent insurance agents. These experienced insurance professionals can help you identify the various risks your business faces, and can then help you find the best insurance policies to cover against those exposures.
Contact an insurance agent in or near Blair to discover how easy it can be to build a comprehensive and affordable business insurance policy.
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