There are more than 150,000 small businesses headquartered in Nebraska, and these companies employ almost 400,000 people. Fremont is home to 18,784 of this state’s businesses. Manufacturing and retail trade companies tend to do quite well in this city, but you can find successful businesses representing a wide range of industries here. Whether your Fremont business employs hundreds of workers or is a small sole proprietorship, it is important that you protect the investment you have made in it with a suitable commercial insurance policy.
Nebraska businesses collect about $2.6 billion in commercial insurance claims each year. Is your company properly set up to be covered when you need it? Independent Insurance Agents can help you identify the risks that are unique to your particular business and can offer appropriate coverage recommendations.
Liability Insurance for Small Businesses in Fremont
Commercial general liability coverage (also commonly referred to as CGL) is a vital part of every business insurance policy. It is designed to cover the costs associated with many common liability risks. Considering that liability lawsuits frequently result in judgments exceeding $1 million, this coverage can prove very valuable to your business. There are many different types of liability insurance that may be right for your business. Some common coverage types your agent may talk to you about include:
- Premises liability insurance: Part of your CGL coverage, premises liability insurance is designed to cover third-party injuries, illnesses, and property damage that occur as a result of accidents on your business premises.
- Product liability insurance: Also part of your CGL coverage, product liability insurance can cover your Fremont-based business against lawsuits resulting from injuries, illnesses or property damage caused by products you produce, sell, or promote.
- Professional liability insurance: This is also frequently referred to as errors and omissions insurance. It is designed to cover professionals against charges of errors in judgment and other professional mistakes. This liability insurance can cover all kinds of professionals, from financial advisors to medical professionals.
Every business is different. Sometimes, other types of liability coverage are needed. An independent insurance agent in Fremont can help you determine whether other liability coverage types — such as environmental liability insurance or commercial vehicle liability insurance — may be right for your business.
Business Interruption Insurance for Fremont Businesses
The US economy is dependent on the success of the nation’s small businesses. Companies in Nebraska, including those located in Fremont, play a significant role:
- Gross domestic product (GDP) for the US: 2.2%
- Gross state product (GSP) for Nebraska: 3.0%
- The GSP is 0.8% greater than the GDP
Unfortunately, your business cannot generate revenue if it is not operational. That is why business interruption insurance is so important. Major catastrophic events have the potential to force area businesses to close for long periods of time. If that happens to your business, the loss of revenue flow can greatly impact your bottom line. Business interruption insurance is designed to cover you against this risk.
This insurance can provide your Fremont business with a continuation of income until your business is once again fully operational. This can enable you to pay your monthly expenses and employee salaries even though you are not making any money. Coverage typically lasts up to one year.
Property Insurance for Small Businesses in Fremont, NE
Commercial property insurance is designed to cover your company’s assets, such as tools and machinery, outdoor signs, display cases, inventory, furniture, computers and more.
- Number of federally declared disasters in NE since 1953: 72
- Most common reasons for declared disasters: Severe Storms
Severe weather events have the potential to cause widespread destruction. A major storm in Fremont may damage the roof of your building, causing water damage to expensive property. An out-of-control fire can destroy everything in its path. It is important for your business to have the coverage it needs to replace lost or damaged items without causing financial hardship. If your business is located near the Loup River, you may also want to consider adding a commercial flood insurance policy to your coverage portfolio. Otherwise, you may not be covered if your business property is damaged by an overflow event.
Workers' Compensation for Fremont Businesses
If your employees are injured while on the job, or if they suffer illnesses related to the work they do for your business, your company is responsible for covering associated costs. Workman’s comp insurance is designed to cover medical treatment, lost wages, and other expenses related to these workplace injuries. Rates for this coverage are based on the inherent risks associated with the work your employees do. A construction company will pay more per employee for workers' compensation insurance than an accounting firm.
Every state has its own laws pertaining to workers' compensation insurance. In Nebraska, most businesses are required to carry this coverage. Some exceptions include sole proprietors with no employees, households employing domestic servants, and certain agricultural operations. If approved, your business has the option to self-insure.
Employee Health Benefits for Small Businesses in Fremont
If your business in Fremont employs at least 50 full-time workers, you are required by the Affordable Care Act (ACA) to provide them with subsidized health care coverage.
- 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
Studies by human resource consultants have shown that offering benefits such as life insurance and healthcare coverage can help your business attract and retain qualified employees. A local independent agent can help you find and review a wide range of affordable policies so you can choose the one that offers the best value to your company.
Cybercrime Insurance for Fremont Small Businesses
Most businesses today store data electronically. If your company uses computers to track customer information, cybercriminals may view you as a target. These criminals are continually finding ways to break through firewalls and steal information.
- Number of identity theft complaints in Nebraska per year: 914
- Ranked 46th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cybercrime insurance is a new form of liability insurance. It can provide protection against lawsuits and damages that may result if hackers break into your business computer system and steal sensitive customer information such as financial and personal data. The need for cybercrime insurance is increasing. Is it right for your Fremont business? Talk to a local independent agent to learn more and find out.
Why Talk to an Independent Agent?
As a business owner in Fremont, it is beneficial to get professional assistance when you are purchasing business insurance. Independent agents can help you identify the various exposures your business has, and they can shop around to find the best insurance policies to meet your coverage needs.
Find an agent in or near Fremont to learn more. You will soon discover how easy it can be to build a suitable commercial insurance policy.
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